Cotton & Western Mining, Inc. - CWRN: Sets 2009 Fixed Iron Ore Price at $45.00 per Dry Metric Ton FOB Mexico
April 13 2009 - 9:45AM
Marketwired
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN), China Steel
Makers (fueled by the hundreds of smaller steel mills) have greatly
exceeded the China Sea Bourne Trade expectations by setting a
record import of 52.8 million metric tons of iron ore in March. It
is not entirely surprising given that the smaller mills with less
overhead expense can produce a number of lower end steel products
as opposed to the larger mills specializing in high end steel
products, (i.e., the auto and petroleum industries, which demands
are still down world-wide) and with larger overheads. The 2009
annual fixed contract prices have not yet been agreed upon between
China's major steel mills and the Big 3 producers; however, CWRN
has concentrated its efforts in financing the Baja iron ore project
through negotiations with smaller steel mills that have a need for
a steady supply of quality iron ore. The company has reached an
agreement for a base price of $45.00 per dry metric ton, FOB,
Ensenada, Baja California, Mexico less a per ton discount for
financing the project together with exclusive rights to the iron
ore production from Baja Nos. 4 and 14, CWRN's 2009 fixed price
represents approximately a 40 to 45% reduction form the 2008
prices, FOB Mexico.
Read more about the recent iron ore imports to China from Alfred
Cang, reporting for Reuters on Friday April 10, 2009:
http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSSHA519220090410?rpc=401&
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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