On 18 August, North Asia Resources Holdings Ltd (NAR) signed a memorandum of understanding (MoU) with Sinosteel Trading Co Ltd for long term cooperation with respect of the Company iron ore mining operation in Mongolia. Under the MoU, Sinosteel Trading has agreed to jointly establish or to introduce strategic investors from China to jointly establish high value added processing facilities with the Company, including direct reduced iron and palletized iron facilities. Furthermore, Sinosteel Trading has agreed to purchase and underwrite, through China Railway Mongolia Investment LLC all iron ore products processed by the Company in Mongolia while evaluating potential equity investment in the Company.
