New York, New York-based iron ore mining company Iron Mining Group, Inc. announced Wednesday that its wholly-owned subsidiary, IMG Iron Ore Trading, S.A. has signed a contract to deliver 300,000 metric tons (mt) of minimum 63 percent iron ore on FOB terms to the Port of Manzanillo, Mexico. IMG did not disclose what company it signed the contract with, only saying that "IMG's counter-party to this contract is a leading global physical commodities company that completed nearly $80 billion worth of commodities transactions in 2010."
Under the terms of the contract, delivery of the initial 100,000 mt is due prior to August 31, 2011 with the balance of the 200,000 mt due before December 31, 2011. IMG Trading is scheduled to complete delivery of its first 1,250 mt June 23. Based on current production schedules, IMG says that it anticipates delivering the first 100,000 mt on or before August 15, 2011.