Tokyo calling : Fomento Resources attends annual technical committee meeting
A team of senior officials of Fomento Resources led by Managing Director – Mr. Ambar Timblo visited Japan in August 2010 to meet with steel major - Sumitomo Metal Industries at the annual technical Committee meeting in Tokyo.
The Fomento delegation also took this opportunity to present the Alliances technical and logistical capabilities to Nippon Steel.
Fomento Resources relationship with Sumitomo Metal Industries is traced back to 1966, when it commenced iron ore exports to Japan. This relationship gained further prominence, when Sumitomo Metal Industries awarded Fomento – an evergreen convenant in 1990. This memento of trust signified Sumitomo’s committment to buying iron ore from Fomento, as long it produced steel.
Mr F Lume Periera - Director Fomento Resources, who has witnessed this association closely, conveys: “SMI had very exacting standards where they demanded the best quality ore and that is what they got from us right from the time they signed a “mother contract”, with Sociedade de Fomento (the oldest company of the Alliance in 1966-67) wherein Fomento would be the exclusive supplier of ore to Sumitomo from Goa”.
Fomento Resources takes pride in the fact that the ore used by Sumitomo Metal Industries creates high quality steel which goes into the production of automobiles and seamless pipes used for oil rigs.
In the technical committee meeting which included senior officials of SMI such as Mr K Tanimazu and S.Yamaguchi, the Alliance presented plans to augment existing technical and logistical capabilities which would further enhance its produce value quotient. Pricing methodology and trends in the international markets were also discussed.
In meetings with senior management of Nippon Steel in Tokyo including Mr Satoshi Ijama and Mr Nagano, the Alliance presented its long term growth plan to serve the requirements of world class steel makers. The Alliance also highlighted its efforts to expand production capacities to meet the requirements of international markets.