New York, US-based international metal recycling and trading company Nymet Holdings Inc. announced on September 21 that the loading process for the first shipment of 50,000 metric tons of iron ore from a Chilean mine is almost complete. The company's subsidiary NYMET Resources & Mining Corp is to ship the iron ore acquired from the mine in Chile to a Chinese customer.
According to company's statement, the contract in question provides for the export of one million metric tons of iron ore and is expected yield $120 million with net income approaching eight figures. The contract also provides formula-based market adjustments.
The company also announced the completion and opening of a new production plant for the processing of iron ore. The new plant located at the mining facility in Chile will increase the production capabilities from 1,500 metric tons per day to 6,500 metric tons per day and will lower production costs.
Edward R Gulmi, executive senior vice president, stated that the company anticipates that the vessel will depart within the next few weeks, adding, "With the new production capabilities now in place we can increase our shipment capabilities to 100,000 metric tons per month; second shipment preparation is now being coordinated for October."