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HONG KONG, Aug 24, 2010 - (ACN Newswire) - North Asia Resources Holdings Limited ("NAR" or the "Company") (stock code: 61) announced that the Company has signed a memorandum of understanding (the "MOU") with Sinosteel Trading Co., Ltd. ("Sinosteel Trading") on 18 August 2010 for long-term cooperation with respect of the Company's iron ore mining operation in Mongolia.
Under the MOU, Sinosteel Trading has agreed to jointly establish or to introduce strategic investors from the People's Republic of China to jointly establish high value-added processing facilities with the Company, including direct reduced iron and pelletised iron facilities. Furthermore, Sinosteel Trading has agreed to purchase and underwrite, through China Railway Mongolia Investment LLC all iron ore products processed by the Company in Mongolia, while evaluating potential equity investment in the Company.
Sinosteel Trading is a state-owned large-size foreign trade company and is a subsidiary of Sinosteel Corporation, It is principally engaged in importing iron industry raw materials mainly comprising iron ore and exporting metallurgical raw and auxiliary materials such as fluorspar, bauxite, magnesite, rare earth and refractory materials, processing of imported raw materials, the development of metallurgical products and international and domestic trade of metallurgical raw and auxiliary materials. Sinosteel Trading imported more than 40 million tonnes of iron ore and reported a sale revenue of RMB155.2 billion in 2009, ranking number one in PRC.
"We are excited to have established a relationship with a leading Chinese state-owned enterprise. We are confident of the strength of Sinosteel Trading and believe that we can leverage on their experience and expertise while establishing multiple channels for our iron ore product sales," remarked Mr. Joseph King, Chairman of NAR.
Contact:
Strategic Financial Relations Limited
Heidi So, +852 2864 4829, Email: heidi.so@sprg.com.hk
Joanne Lam, +852 2864 4816, Email: joanne.lam@sprg.com.hk
Helen Leung, +852 2864 4851, Email: helen.leung@sprg.com.hk
Jacqueline Yeung, +852 2861 4937, Email: jacqueline.yeung@sprg.com.hk
Fax +852 2804 2789 / 2527 1196
Website www.sprg.com.hk
Topic: Business Tieup
Source: North Asia Resources Holdings Limited
Sectors: Metals & Mining, Daily Finance, Science & Nanotech
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From the Asia Corporate News Network
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