Sep 22 2010
NYMET Holdings Inc. (PINKSHEETS: NYMH), an international metal recycling and trading company, Headquartered in New York and Chicago with representive offices in Montreal, India and Chile, announced today loading progress and departure for the first shipment of 50,000 metric tons of Iron ore.
First shipment of 50,000 metric tons of Iron ore
As previously announced, the contract provides for the export of 1 million metric tons of iron Ore. The contract has an expected yield north of 120 million dollars with net income approaching eight figures. The Contract also provides formula based market adjustments so that the risk of price fluctuation is mitigated while maintaining a consistent margin for our shareholders.
Edward R Gulmi, Executive SVP, further stated, "We expect to have the loading of the vessel completed with approximately 50,000 Metric tons; we anticipate vessel departing within the next few weeks." Mr. Gulmi further stated, "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."