New York, New York-based global iron ore mining company, Iron Mining Group Inc. announced Thursday that its wholly-owned Mexican subsidiary, Hierro IMG Mexico SA de CV, has signed a non-binding letter of intent to acquire a 50 percent ownership interest in an existing iron ore mine in the Sonora region of Mexico.
"This will expand our presence in Mexico's early-stage iron ore market," said CEO Garrett K. Krause. "As we continue our development in Mexico, we see opportunities to partner with additional early-stage iron ore mines as they enter commercial production."