Aug 9 2010
NYMET Holdings Inc. (PINKSHEETS: NYMH), an innovative metals recycling and commodities trading company, headquartered in Port Jefferson, NY, is pleased to announce the execution of a contract in Chile for the supply of iron ore for export to the Far East.
NYMET Resources & Mining Corp., a wholly owned subsidiary of NYMET Holdings Inc., has entered into a 5 year contract with a 5 year option direct with a large Iron ore mine located in Chile, South America. The Mine is one of the largest deposits in that region and has export permits currently up to 100,000 metric tons per month of high grade iron ore that has the specification and quality which is highly sought after by our clients. The first contract is valued at over 150 million in revenue through 2011, and provides NYMET the potential for a substantial increase in revenues for this year. Once the first 150,000 MT is exported, the mine can apply to increase their current export permit capacity to 300,000 MT. That coupled with additional investment into the facility we anticipate revenues to grow to over 250 million by year end 2011.
The contract was negotiated and concluded by Edward R. Gulmi, Executive Senior Vice President. He stated, "The completion and consummation of this agreement provides NYMET with a major potential revenue stream and profit that is sustainable for the long term. Our team is pleased to have developed this opportunity for NYMET as it will have a substantial impact on our shareholder value in the future."