OceanScape sells over $160m of iron ore

The company will sell 1.2 million metric tons of the product to HK Company.

OceanScape Trading Pte. Ltd. has entered into a sale and purchase agreement with Eldon Development Ltd. to supply iron ore fines in a $1.62m (US$124.8m) deal.

OceanScape will supply the 1.2 million metric tons of 50%-54% iron ore fines over a 12 month period, with 100,000 metric tons to be delivered every month.

The projected value may fluctuate depending on the current exchange rate between the two currencies at the time of every purchase order, OceanScape said in a filing at the Singapore Exchange.

Independent valuation of the sale and purchase agreement was not achieved as there is no market price for 50%-54% iron ore fines with 62% being the common benchmark.

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