Breaking News: China Armco Metals, Inc. (OTCBB: CNAM)
completes construction of metal recycling facility, and
expects to commence full operations in December of 2009
Read the Full Press Release Profile Here
SAN MATEO, CA—August 25, 2009 -- China Armco Metals, Inc. (OTCBB:CNAM), -- This morning the company, a distributor of imported metal ore with plans to launch a new state of the art scrap metal recycling facility in China, issued a press release announcing that Armet Renewable Resources Co, Ltd. ("Armet"), the Company's wholly owned subsidiary, has completed construction of its scrap metal recycling facility. Armet expects to take delivery and complete installation of its first Metso Linndermann shredder at the new facility in October of 2009.Management anticipates it will commence operations at its 1 million ton recycling facility in December of 2009. It is anticipated that the metal recycled by Armet will be sold for use in the production of steel within China. China is currently the largest producer and consumer of steel in the world.
Kexuan Yao, Chairman and CEO of China Armco Metals, Inc., commented, "We are very excited to have completed construction of our Metal Recycling facility and look forward to the installation of the shredding equipment in October of this year. We anticipate the facilities testing will be completed in November and look forward to launching full operations of this one million metric ton facility in December of 2009.”
Last week, the company reported that Armet Renewable Resources Co, Ltd. (“Armet”) received $13 million 3 year Line of Credit from the Bank of China on August 11, 2009. The terms of the credit line allow for approximately $2.9 Million to be used for working capital for the operation of its metal recycling operations with the balance to be used for fixed asset purchases associated with its recycling project.
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