News – August 25, 2008
Adriana Resources Inc has announced that it has reached an agreement with ArcelorMittal, the world’s leading steel company, on the principal terms for the development of an iron ore port facility in the State of Rio de Janeiro, Brazil.
The Port will be constructed on land acquired by Adriana in January 2008.
Adriana will partner with ArcelorMittal to advance an iron ore strategy to become a fully integrated iron ore producer.
Michael Beley, President and CEO of the company said: “Three years ago, Adriana recognized the surging mineral super cycle and through strategic partnerships with Athena and WorldLink, quickly identified the need for a new iron ore port facility in Brazil that would create an export opportunity to deliver iron ore to the end user.”
“Today we have partnered with the leading steel corporation in the world to export iron ore from Brazil. Partnering with ArcelorMittal is a significant milestone in the advancement of our Brazilian iron ore strategy. ArcelorMittal brings the global expertise in mining, ports, seaborne shipping logistics and the ability to finance large infrastructure and mining projects through to operation.”