Australian iron ore company receives US$17.2 million letter of credit from Hyundai

Hyundai Steel Company issued a US$17.2 million (C$17.1 million) letter of credit to Australian iron ore company Pluton Resources (ASX:PLV) against the purchase of four shipments commencing in August 2013.

Managing Director Tony Schoer lauded the deal in a news release from today.

"Korea is a dynamic economic growth engine for Asia and the rest of the world, and Pluton will continue to seek opportunities to diverse its market risk profile," said Schoer.

Pluton Resources operates on Irvine Island, located in northern section of Western Australia.

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