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ArcelorMittal Extends Port Agreement with Adriana
06/02/2009 - Adriana Resources and ArcelorMittal agree to amend their current Port Agreement.
Adriana Resources Inc. and ArcelorMittal have agreed to amend their current Port Agreement.
Under the amended agreement, ArcelorMittal has committed to fund a significant portion of Adriana's monthly costs and 80% of substantial third-party consultant costs incurred in connection with Adriana's port permitting process in Brazil.
Under the amended agreement, ArcelorMittal has committed to fund a significant portion of Adriana's monthly costs and 80% of substantial third-party consultant costs incurred in connection with Adriana's port permitting process in Brazil.
The agreement also provides for the deferral of interest payments due to ArcelorMittal and (subject to the approval of the TSX Venture Exchange) the extension of the unsecured convertible debenture dated September 10, 2008, issued by Adriana in favor of ArcelorMittal for a period of one year. The amended agreement also extends the current Port Agreement for a period of 6 months, to November 30, 2009. If required, the extension will be followed by additional 6-month extensions.
"The Company continues to work closely with ArcelorMittal to advance its port development project in Brazil, and is pleased with ArcelorMittal's commitment in assisting Adriana to fund the advancement of the project through the combination of cash payments and interest deferrals," stated Michael Beley, President and CEO of the company.
The amended Port Agreement is subject to applicable regulatory and corporate approvals as well as the negotiation and execution of a definitive agreement by the parties.
ArcelorMittal is the world's largest steel company, with operations in more than 60 countries. The company leads a number of major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the company covers key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to sustainable management of the environment and of finite resources. In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10% of world steel output.
"The Company continues to work closely with ArcelorMittal to advance its port development project in Brazil, and is pleased with ArcelorMittal's commitment in assisting Adriana to fund the advancement of the project through the combination of cash payments and interest deferrals," stated Michael Beley, President and CEO of the company.
The amended Port Agreement is subject to applicable regulatory and corporate approvals as well as the negotiation and execution of a definitive agreement by the parties.
ArcelorMittal is the world's largest steel company, with operations in more than 60 countries. The company leads a number of major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the company covers key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to sustainable management of the environment and of finite resources. In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10% of world steel output.
