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Cardero Resource Corp. (CDY) shares were up more than 30% Monday morning after the company announced that it was selling its Pampa de Pongo iron mine in Peru to Nanjinzhao Group Co., Ltd., a private Chinese company, for $200-million.

Cardero’s president Hendrik van Alphen said in a statement:

We are extremely pleased to have been able to successfully negotiate the sale of Pampa de Pongo in a challenging marketplace. Pampa de Pongo is a world-class iron ore project, and we are very pleased to have been able to pass the project on to a major Chinese integrated iron and steel conglomerate that has not only the mining expertise required, but also the financial resources to move the project rapidly forward. 

Mr. Alphen added in the statement that Cardero will now turn its focus to the advancement of its Pampa el Toro Iron Sand project, also in Peru and the the Baja iron oxide copper gold project in Mexico, with the hope of attracting a suitor for these assets as well down the road.

Source: Cardero Resource Shares Jump after Sale of Iron Mine