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Deadline For Port Venture Between Canada And Brazil Extended

by Mike Godfrey, for LawAndTax-News.com, Washington

09 January 2009


The deadline for a joint port venture between Canada and Brazil has been extended in order to give both parties extra time to decide on important issues, it has been announced.

The agreement will see Canadian iron ore producer, Adriana Resources, join forces with the world's largest steel producer, ArcelorMittel, in order to construct a giant iron ore port facility in Sepetiba Bay, Brazil.

However, it has been revealed that the January 9 deadline for agreement over several issues between the companies has not been met, and Adriana has asked ArcelorMittel to extend the deadline to April 22 in order to discuss matters in greater detail.

This agreement between the two companies has been described by the President of Adriana, Michael Beley, as a positive move, highlighting the commitment and dedication of both companies to the focused completion of the project.


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