Bloomberg News

Ferrous Sells Five Iron-Ore Cargoes to Noble Group, CEO Says

January 31, 2012

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

To contact the reporter on this story: Juan Pablo Spinetto in Rio de Janeiro at jspinetto@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net


Race, Class, and the Future of Ferguson
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus