it's a binding term sheet with gunvor, not an offtake agreement, and means FA. I always had the impression that they probably take all pig iron off suppliers and then match it with whoever wants to buy it at the time, like a trading house I guess... Unfortunately that theory didn't necessarily mean they'll take all of our product, and so didn't provide security for finance purposes. That's completely my uninformed understanding though, so perhaps someone else might be able to confirm...
Ann: Company Update 121 Conference, page-18
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