Jul 9 2010
WorldVest, Inc. (OTCBB: WOVT), dba WorldVest Hurricane Resources (“WorldVest Hurricane”), announced the signing of a Joint Venture Memorandum of Understanding (the “JV-MOU”), which includes a 11-year, $15 billion iron ore sales contract with Tianjin Metallurgical No.1 Iron & Steel Group (“Tianjin Steel”), a large state-owned steel company.
Tianjin Steel, after completion of the pending consolidation with three other large Tianjin State-owned steel manufacturers, will soon become one of China’s largest and increasingly most influential steel manufacturing groups consuming over 60 million MT of Iron Ore annually. The contract calls for WorldVest Hurricane to deliver Tianjin Steel a monthly minimum of 1,000,000 metric tons of high-grade iron ore for a ten (10) year period following a one (1) year production “ramp-up” period.
This JV-MOU provides a long-term partnership between the companies providing for mutual cooperation and strategic investment in the development of global iron ore projects starting with immediate support of WorldVest Hurricane’s recently announced Chilean iron ore projects. The partnership intends to include expansion of related infrastructure necessary to increase iron ore production and construction of new port facilities capable of loading 150,000 MT “Cape” size vessels.
“We could not be more pleased to have WorldVest Hurricane as our new long-term partner,” said Tianjin Steel’s General Manager, Mr. Li Guo Ren. “We are extremely happy to contribute our vast resources to this partnership, including investment capital and strategic industry relationships, whenever possible. We are eager to support the growth of WorldVest Hurricane as it executes a plan to deliver increasing monthly quantities of iron ore from its reserves to address our rapidly growing needs.”
“On the heels of our recently announced iron ore reserve acquisitions in Chile,” said WorldVest Hurricane Chairman and Chief Executive Officer Garrett K. Krause, “this partnership and associated Iron Ore Contract with Tianjin Steel completes the picture and sets the course for a decade of tremendous profitability for our Company and its shareholders. With a partner as prominent and influential as Tianjin Steel, we are ideally positioned to further establish WorldVest Hurricane as a leading global iron ore producer and trading company.”