ArcelorMittal Extends Port Agreement With Adrianaadmin
Adriana Resources Inc. announces that the Company and ArcelorMittal have agreed to extend the time to complete the definitive agreement contemplated in the Port Agreement from January 9 to April 22, 2009.
Michael Beley, President and CEO of the Company, stated, “Adriana continues to focus on obtaining a construction permit to develop a multi-partner, multi-use iron ore port facility in the State of Rio de Janeiro. The extension of the Port Agreement is positive news for Adriana and also indicates ArcelorMittal’s commitment to the project. Adriana is focused on delivering iron ore to the global steel mills through the anticipated future ownership/control of iron ore resources within Brazil and also with future strategic partnerships with local iron ore producers to ensure a channel to market is developed to allow the independent and family mine operations can recognize global prices.”