AuraSource Inc, a developer of hydrocarbon clean fuel and mineral material beneficiation technology, announced that it has received its first order for processed iron ore from Minmetals Inc, a wholly owned division of China Minmetals Group.

AuraSource received a letter of credit for USD 6.5 million for the first shipment of iron ore. AuraSource expects to make the first delivery in September.

AuraSource will fulfill this contract through the 16 million tons of both high grade and low grade iron ore it reserved in February 2012. These mineral reserves allow AuraSource to apply its proprietary processing technology and develop a sustainable revenue stream.

Mr Miao Jing VP of Minmetals said that "We are eager to work with innovative companies such as AuraSource and establish a long term sourcing and supply partnership for mineral products."

Mr Philip Liu CEO of AuraSource said that "We look forward to a long and mutually beneficial relationship with Minmetals. We are pleased to commence our first revenue producing contract with such world class company."

Source - AuraSource Inc

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