Sep 17 2010
NYMET Holdings, Inc. (PINKSHEETS: NYMH) ("Nymet" or the "Company"), a metals recycling and mining company headquartered in New York and Chicago with representative offices in Montreal, India, and Chile is pleased to announce the completion and opening of our new production plant for the processing of Iron ore.
The new plant located at the mining facility in Chile is the newest achievement for NYMET's management. Previously production capabilities were approximately 1500 metric tons per day; the new infrastructure will add an additional 5000 metric tons per day. The new state of the art plant will enable NYMET to maximize the current permitted export of Iron ore and significant lower production costs.
The plant comes on line in conjunction with the loading process for our first of several contracted shipment to China.
Executive VP and Chief Development officer Edward R Gulmi stated, "The new plant and the production capabilities will enable NYMET to substantially increase the amount of Iron produced and delivered to the port of loading and export."
First Shipment is due to depart this month and plans for the second shipment are underway. NYMET will look to expand and acquire additional assets in the region to expand both production capabilities as well as export capabilities.