exhibit 10. 9 assignment of insurance from : handan hongri metallurgy co., ltd guzhen village, yetao town, wu'an city, hebei province, china zip code : 056304 hebei new wu ’ an iron & steel group drying and melting co., ltd. east of yuanbao hill, guzhen village, wu'an city, hebei province, china zip code : 056304 to : raiffeisen bank international ag beijing branch room 200, beijing international club, no. 21 jianguomen wai street, beijing, china zip code : 100020 dear madam / sir, in accordance with the related provisions of no. 20110628019980001 loan contract of rmb 180 million yuan ( rmb 180, 000, 000 yuan ) and any agreement signed subsequently as supplement, changing, or modification, ( hereinafter referred to as “ the loan contract ” ) between handan hongri metallurgy co., ltd ( hereinafter referred to as “ the borrower ” ) and raiffeisen bank international ag beijing branch ( hereinafter referred to as “ your bank ” ) on june 28th, 2011, the borrower and hebei new wu ’ an steel group smelting co., ltd ( hereinafter referred to as “ our party ” ) hereto sign this letter of insurance assignment ( hereinafter referred to as “ this letter ” ). except otherwise defined in the letter, the terms in the loan contract shall apply to this letter. whereas your bank agrees to provide financing support to the borrower, our party hereto irrevocably assigns the insurance indemnities, compensations, benefits, recourses etc. all powers, rights and / or interests under the insurance contracts and / or insurance policies, which have been signed before this letter or will be at intervals signed after this letter during the mortgage / pledge terms by our party ( as the policy holder or beneficiary ), referring to the equipments and goods, which have been or will be mortgaged / pledged for your bank, to your bank, and promises that your bank will be stated as or changed to the first insurance beneficiary under all insurance contracts and / or insurance policy. this letter shall not be rescinded. this letter shall keep valid, even when the termination, dissolution, merger, division