Caravelle International Group and CUEX Metal AG Sign Innovative Manganese Ore Sourcing Agreement
In a groundbreaking move that is set to redefine the global steel and foundry industries, Caravelle International Group (Nasdaq:CACO) announced today the signing of an innovative manganese ore sourcing agreement with CUEX Metal AG. This partnership not only ensures CUEX’s stability in the global manganese ore supply chain but also marks a significant step forward in the cooperation between the two companies in the wood drying business.
Under the agreement, Caravelle will supply a total of 4.5 million tons of high-quality manganese ore to CUEX through its subsidiary, Singapore Garden Technology Pte Ltd. The manganese ore must meet stringent quality standards, with manganese content at or above 38%. Prices will be negotiated based on international market prices, and a written single purchase and sale agreement will be formed to ensure transparency and fairness of the transaction.
The highlight of this cooperation is the innovative business model of transporting manganese ore and drying wood on the same carrier. This model not only improves transportation efficiency and reduces logistics costs but also opens up new market opportunities for Caravelle’s wood drying business.
The partnership is expected to generate additional economic benefits for Caravelle, with total revenues projected to be in the range of $1.2 billion to $1.5 billion over the three-year term of the partnership. With this strategic move, both Caravelle International Group and CUEX Metal AG are set to embark on a mutually beneficial business journey that will drive innovation and development in the global steel and wood processing industries.
