New York, US-based iron ore mining company WorldVest, Inc. has announced plans to amend its name to Iron Mining Group, S.A. It is estimated that in the next 30 days the name change will be effected with independent securities regulator FINRA, resulting in a new trading symbol being issued. The transition of shares will take place on Over-The-Counter Bulletin Board (OTCBB).
In addition, the company recently cleared all conditions for the acquisition of Chile-based iron ore miner Chile Inversiones de Minerales, Ltda. and anticipates final closing before August 31, 2010. Subsequently, it is projected that by the fourth quarter of this year, Chile Inversiones de Minerales will begin mining iron ore from several of its mineral concessions, allowing for regular monthly deliveries against its existing contracts with Chinese steel groups and creating immediate consolidated revenue for WorldVest. The newly acquired company will start implementing a profound growth plan.