KEY TERMS DEFINED IN THE TMT – CNMNC MOU
The MoU between TMT and CNMNC establishes a framework for ongoing discussions and negotiations aimed at delivering a definitive and binding offtake agreement (“Agreement”over the coming months. Key terms that have been defined and agreed upon in the MoU are:
• Initial minimum annual quantity of V2O5 to be purchased of 2,000Tpa on a take-or-pay basis,
• CNMNC to purchase such quantity of product that is available, up to 2,000Tpa, during the
ramp-up and commissioning phase of the Project,
• Pricing to be negotiated based on the Metal Bulletin V2O5 Pricing Index incorporating a floor
and ceiling price structure,
• Sales to be based on FOB at Port of Fremantle or similar,
• Minimum term of three (3) years with an option to renew for an additional three (3) years, and
• Consideration for CNMNC to refer TMT to its parent entity, CNMC, to discuss additional Project
support, including scope for financing and/or EPC arrangements
The next steps to progress towards finalising the Agreement include due diligence to be completed by both parties in conjunction with the progression of the **anintha Definitive Feasibility Study (“DFS”and further refinement and agreement of the key off take terms.
The MoU is effective until 1 October 2019 unless the parties mutually agree to formally terminate or extend the term.
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