Business
Adamant DRI Issues Letter to Shareholders
Adamant DRI Issues Letter to Shareholders.
About this update from Adamant Dri Processing And Minerals Group
[{"type":"text","content":"\n \n \n Adamant DRI Issues Letter to Shareholders\n \n \nAdamant DRI Issues Letter to Shareholders\n \n ZHANGJIAKOU, CHINA--(Marketwired - Feb 23, 2017) - Adamant DRI Processing and Minerals Group (OTCQB: ADMG), a supplier of direct reduced iron (DRI) feed stock to China's steel industry today issued a letter to its shareholders. The letter updates shareholders on retooling milestones achieved since 2015 and on plans for 2017 and going forward.\n Dear Shareholders:\n Adamant DRI's Board of Directors and senior management are committed to keeping shareholders informed of management's efforts to enhance the Company's value. \n As many shareholders are aware, the past couple years have not been without challenges from an operational and regulatory standpoint. \n Environmental restrictions imposed by China's central government on mining operators as well as iron and steel producers as they seek to move industry away from coal fired technologies prevented our Company from generating more than nominal revenues resulting in operating losses over the past few years. \n During this period however, management remained fully committed to advancing key strategic initiatives, kept financial reports current and made investments required to meet heightened regulatory standards in order to emerge a stronger, more efficient, higher growth company. \n Steadfast Mission\n Our long-term vision, while adapted to meet recent regulatory and economic realities, remained intact:\n Apply advantages of rotary kiln technology and newly converted coal-to-gas plants in strategic logistical locations to win supply contracts from private and public steel manufacturer seeking quality feedstock for participants across China's massive steel industry.\n Key Milestones Since 2015\n In order to produce Direct Reduced Iron at scale with greater energy efficiency and lower emission, a primary initiative was to upgrade from coal to natural gas powered our Jinxin facility and with advanced reduction rotary kiln technology. Jinxin is now capable of producing DRI at significant volumes. \n Likewise, during the industry lull of the past two years in order to meet the environmental restrictions imposed by the Chinese government, we upgraded our Huaxin facility from coal to natural gas and converted from being a conventional iron ore facility t...