Terra Nostra Resources Corp. (TNRO.OB), a leading copper and stainless steel producer in China through its majority interests in two joint venture companies, recently released a statement from Chairman of the Board Mr. Sun Liu James Po, as presented at the company’s annual general meeting held on June 23, 2008.
According to the report, the company has achieved a number of its key objectives and has made considerable headway on other strategic initiatives. The most significant event for Terra Nostra Resources over the past 12 months was the completion of roughly $25 million in financing through convertible debentures. Theses proceeds were primarily used to complete the company’s capital contribution of $27.2 million into its copper joint venture in China, which fully secured Terra Nostra Resources under the joint venture agreements and Chinese joint venture law.
Additionally, the company plans to continue ramping up production of both copper and stainless steel to position its facilities at optimal levels of operation. Expanded downstream copper production will include new value-added products, and Terra Nostra Resources will also work to upgrade its existing wire/tube production lines. The company’s management team will also consider acquisition opportunities in China’s copper and stainless steel industries, and actively develop productive relationships with strategic partners that will position the company for continued growth.
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