NEW YORK, Feb. 8, 2016 /PRNewswire/ — Gerald Metals SA (“Gerald”), a member of Gerald Group, and Shanghai Pengxin Investment Co., Ltd. (“Pengxin”), a subsidiary of Pengxin International Mining Co., Ltd., entered into a joint venture agreement in Shanghai on January 28, 2016, to work jointly in procuring, producing, and marketing raw and refined copper and cobalt materials on a global basis.
Gerald Metals SA is an international trading arm of the Gerald Group that has access to substantial copper and cobalt resources throughout the world in addition to its extensive experience in the trading of such mineral resources. Shanghai Pengxin Mining Investment Co., Ltd. is actively involved and expanding in both the cobalt and copper sectors. Partnering with Gerald will facilitate Pengxin’s strategy to substantially expand its current, low-cost copper and cobalt production.
Pursuant to the joint venture agreement, Gerald will procure the optimal supply of copper and cobalt concentrates necessary to support Pengxin as it expands its existing production capabilities. Pengxin is expected to increase its annual copper cathode production by the additional supply of copper concentrates and produce as much as 7,000 tons of cobalt metal annually when the expansion is completed. Pairing Pengxin’s operational and technical expertise with Gerald’s supply and marketing capabilities aligns the strategic plans of both groups.
“We look forward to working with Pengxin on their metals and mining expansion strategy, as our experience in the sourcing and marketing of copper and cobalt and their technical expertise will create a strong foundation for a win-win relationship,” notes Craig Dean, CEO and President of Gerald Group.
About Gerald Group
Gerald is one of the world’s leading commodity trading companies with a turnover in excess of US$10 billion. The company is headquartered in Stamford CT, USA and has a global presence from South America, Europe, Africa to Asia with regional hub offices in Stamford, Singapore, Shanghai, and Switzerland.
About Pengxin International Mining Co., Ltd.
Pengxin is a listed company on Shanghai Stock Exchange that trades under the symbol 600490.SS. Pengxin is a resources company headquartered in Shanghai, China, specializing in the international acquisition, exploration, development, and marketing of mineral related properties.