|From: QualityStocks (Rep: 4)||Date: 07/12/2017 16:44|
|Forum: China Direct, Inc. - Msg #1922||Thread #673938534 (Rec: 0) |
|QualityStocksNewsBreaks – CD International Enterprises, Inc. (CDII) Announces Contract to Purchase 120,000 Tons of Copper Concentrate|
CD International Enterprises, Inc. (OTC: CDII), a U.S.-based company that sources industrial commodities and provides business and management corporate consulting services, this morning announced that it has entered into a purchase contract to purchase 120,000 tons of copper concentrate (30% Cu) over a 12-month period from a Chile-based company. The initial contract values approximately $260 million based on the current copper future price on the London Metal Exchange. “We are very excited to enter this purchase contract, as we continue to source mineral commodity for our Chinese clients,” Dr. James Wang, chairman and CEO of CD International, stated in the news release. “We have delivered copper concentrate from Chile and Bolivia to China in the past, as demand by China for copper concentrate continues to grow substantially. Under our new mineral trading model, we are confident we can create a profit center while limiting exposure of our capital to market risk.” Chile is China’s top source of imported copper concentrate. According to the latest data from the General Administration of Customs, China imported 4.74 million metric tons of copper concentrate from Chile in 2016, marking a year-over-year increase of 26.7 percent.
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