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Jan. 30 (Bloomberg) -- Ferrous Resources Ltd., the miner backed by billionaire Philip Falcone’s Harbinger Capital Partners LLC hedge fund, sold five iron-ore shipments to Noble Group Ltd. as it expands production.
Hong Kong-based Noble, Asia’s biggest commodity supplier, bought 750,000 metric tons to be delivered between February and June, Ferrous acting Chief Executive Officer Andre Simao, 38, said in a telephone interview today. Noble offered the best terms of the six trading companies that bid for the cargoes, he said, adding that the shipments will be delivered through a port facility operated by Vale SA in Rio de Janeiro state.
Ferrous expects to produce as much as 4 million metric tons of the steelmaking raw material this year, up from 1.8 million metric tons in 2011, Simao said. The Belo Horizonte-based company, which is seeking a strategic partner since at least 2009, last year signed contracts with Glencore International Plc and Noble after producing its first iron ore.
Ferrous is also in talks to sell an additional 400,000 to 1 million metric tons of iron ore to Brazilian customers and expects to sign an agreement as early as this week, Simao said.
Stephen Brown, Noble’s investor relations director, declined to comment in an e-mail when contacted by Bloomberg News.
Simao, Ferrous’s chief financial officer, is leading the company along with Chief Operations Officer Antonio Rigotto since CEO Mozart Litwinski resigned, Ferrous said Jan. 19.
--Editors: Robin Saponar, Dale Crofts
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