China Knowledge reported that China Direct Industries Inc a US owned holding company principally operating the businesses of pure magnesium and basic materials in China has entered into a contract with a China-based trading firm to supply iron ore from Bolivia.

Pursuant to the contract, the supplier will deliver iron ores in a 12 month period starting from the second quarter of its fiscal year 2011 and the deal is expected to generate revenue of approximately USD 4.5 million per month at the current market price for iron ore.

Mr James Wang CEO and chairman of the Nasdaq listed company said the deal is a crucial step forwards its business development in South America as it has secured a long-term agreement with the Bolivian partner.

(Sourced from China Knowledge)