Cotton & Western Mining, Inc. -- CWRN: China Seaborne Trade Picks Up as Iron Ore Stockpiles Deplete; Mid-Year Rebound Forecast
April 08 2009 - 9:45AM
Marketwired
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN); China Steel
Makers have been buying iron ore with first quarter 2009 seeing an
increase of raw materials imported. Forecasters believe that within
the first half of year 2009, some upward movement of spot market
supplies will improve. High grade magnetite iron ore such as the
CWRN Baja California, Mexico iron deposits are still viable to the
market and CWRN is receiving many inquiries for high grade crude
iron ore. It is expected that by the time the CWRN Baja Iron Mining
Project is ready for production, market conditions will be greatly
improved. The project is still economically viable at 2004 contract
prices.
"A wide range of economic indicators in China are improving,
indicating that a recovery is underway," said Vikram Nehru, the
World Bank's chief economist for the East Asia and Pacific
region.
The Purchasing Managers Index of the manufacturing sector, a key
indicator of China's economic health, rose for four consecutive
months to reach 52.4 in March. It was the first time it rebounded
above 50 since July 2008, indicating a "stabilizing and recovering
economy," said Ma Jiantang, head of the National Bureau of
Statistics at the release of the figures.
China's urban fixed asset investment surged by 26.5 percent in
the first quarter of 2009, and new yuan loans reached a record high
of about 2.7 trillion yuan during the same period, pumping in
massive liquidity to prop up the economy. "We are seeing these
encouraging signs (in China) and we do think the stimulus policies
will allow China to continue to see some growth in a very weak
world economy," Louis Kuijs, senior economist with the World Bank,
said.
CWRN is currently in talks with a major Chinese Steel Mill, and
fully expects to proceed with the project within the year 2009.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: Except for historical information, the
forward-looking matters discussed in this news release are subject
to certain risks and uncertainties which could cause the Company's
actual results and financial condition to differ materially from
those anticipated by the forward-looking statements including, but
not limited to, the Company's liquidity and the ability to obtain
financing, the timing of regulatory approvals, uncertainties
related to corporate partners or third-parties, product liability,
the dependence on third parties for manufacturing and marketing,
patent risk, copyright risk, competition, and the early stage of
products being marketed or under development, as well as other
risks indicated from time to time in the Company's filings with the
Securities and Exchange Commission. The Company assumes no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
Contact: Cotton & Western Mining, Inc. 363 North Sam Houston
Parkway East Suite 1100 Houston, Texas 77060 USA
www.cottonwestern.com +1(281)820-7815
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