I am acutally glad to see an ann put out by JRO board to clarify the off-take agreement changes.
According to the ann, it is clear that within 2018, NO products will ship to JRO, and cancelation to JRO's access to any extra products.
They also showed their appreciation to AJM management of understanding their finicancial difficulty, and from my perspective, JRO would also commit to it's allocated off-take volume - 50,000 dmt.
Add this to GFL ann, I personally believe AJM management have profesionally achieved the off-take arragement, and de-risk the uncertainty from JRO financial difficulty. And last but important, this is a three-win situation, well-done AJM team!
The parties agree to modify the above main terms to:
1. At least 50,000 dry metric tons (dmt) of 6% grade spodumene concentrate (SC6.0) per year, 2018 no underwriting tonnage commitment, since January 1, 2019 Beginning for a total of 5 years, at least 50,000 dry metric tons (dmt) of 6%-grade spodumene concentrate is underwritten each year.
2. The price terms of the underwriting agreement in the Supplemental Agreement are consistent with the provisions of the original Underwriting Agreement.
3. Cancellation of the company's right to purchase any additional spodumene concentrate produced by Altura Lithium;
4. Any additional spodumene concentrate will be negotiated by the company on the basis of mutual agreement;
5. All other existing agreements The key terms remain unchanged.
