Iron Mining Group (OTCBB: IRNN) - New ProActive client
Iron Mining Group, Inc. to Trade Under New Symbol, IRNN
Iron Mining Group (OTCBB: IRNN) is ProActive Capital's new client, and they just changed their stock symbol to IRNN as they have transitioned into a global "Iron Ore Mining" company that seeks global expansion. IRNN's initial focus is in Latin America.
Iron Mining Group has entered this marketplace at a time when the largest iron ore customer, China, seeks to alter the status quo by shifting power away from the traditional iron ore producers. Iron Mining Group has signed strategic joint venture agreements with several Chinese Steel Groups, which provide guaranteed long-term iron ore purchase agreements for 100% of available production.
As per IRNN's press release, prior to this name change, Iron Mining Group operated under the name WorldVest, Inc. and began exploring opportunities in the iron ore mining market in late 2009. In 2010, the Company signed two strategic iron ore purchase agreements with large Chinese buyers representing 11 years of buying contracts valued in excess of $2 billion per annum. On the strength of this buying demand, the Company completed the acquisition of 99.9% of Chile Inversiones de Minerales, Ltda. ("CIM"), which contains a portfolio of iron ore mining and port development projects across Chile and is currently evaluating additional global opportunities to acquire iron ore projects to fulfill this contract demand.
IRNN's Executive Chairman Garrett K. Krause stated in the press release:
"Having successfully completed the transition into a singularly focused iron ore mining and investment company, we believe Iron Mining Group is ideally positioned to pursue the continued acquisition and development of iron ore properties on a global basis. Our operating team is on the ground in Chile, working around the clock to prepare our existing properties for initial production scheduled for the first quarter of 2011, while at the same time management continues to analyze and evaluate additional iron ore opportunities on a global basis."
Below, Conrad Chase VP of Global Business Development gives a good viseo summary if IRNN's business model:
IMG / CIM "Atacama Desert Iron Ore Mine" Video Introduction
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