CWRN: China Iron Ore Imports Rise for Month of June
21 July 2009 - 11:45PM
Marketwired
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) -- China's
Iron Ore Imports rose 3.4% in June to the second highest level this
year, as rising prices prompted steelmakers to expand output and
buy more raw materials.
Imports were 55.3 million metric tons (MMT) for June, the
Chinese General Customs stated on its website
http://www.customs.gov.cn/publish/portal0/. That's 3.4% more than
the 53.5 mmt in May and 46% higher than a year ago, according to
Bloomberg data. More information on this report can be read at
http://www.bloomberg.com/apps/news?pid=20601012&sid=aq9891I0gFwo.
CWRN has no immediate plans to seek a higher fixed annual price
as the 2009 prices have been agreed upon with an un-named buyer.
Current FOB annual contract pricing is $45.00 per each Dry Metric
Ton (DMT) shipped while one-off Spot Sales now at $76.50 CIF in
main China ports on base Fe content of 62%. Cotton & Western is
expected to open production at 52,000 DMT per month, which will be
shipped from the Pacific Ocean Port of Ensenada, Baja California,
Mexico.
Cotton & Western Mining recently projected revenues in
excess of $126 Million based on an agreed base price of $45.00 FOB
Mexico, per each dry metric ton sold on a guaranteed 64.5% Fe (iron
content) with bonus payment of $0.6976 for each 1% Fe content above
the minimum contract specifications. The average Fe content as
tested in 2008 for Baja NO. 14 is 67% Fe content.
About Cotton & Western Mining, Inc.
Cotton & Western Mining, Inc. (PINKSHEETS: CWRN) was founded
in early 2005 as a Nevada Corporation by Robert L. Cotton, with a
specific plan and goal in mind; that being, to operate a low cost
and high profit junior "Iron Mineral Mining" company. Cotton &
Western Mining's mission is to offer reliable, high-quality and
cost effective raw materials to the steel manufacturing industry on
a global scale. For more information, please visit the company's
website at www.cottonwestern.com.
Safe Harbor: Statements regarding financial matters in this
press release other than historical facts are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such statements about the
Company's future expectations, including future revenues and
earnings, technology efficacy and all other forward-looking
statements be subject to the Safe Harbors created thereby. The
Company is a development stage firm that continues to be dependent
upon outside capital to sustain its existence. Since these
statements (future operational results and sales) involve risks and
uncertainties and are subject to change at any time, the Company's
actual results may differ materially from expected results.
Contact: e-media Direct, Inc. Investor Relations (866)284-2835
info@e-mediadirect.com
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