SIGNIFICANT AND BINDING OFFTAKE AGREEMENT SIGNED FOR GREAT WHITE KAOLIN PROJECT
Summary
- Substantial binding offtake agreement signed with large Chinese commodity trading house Jiangsu Mineral Sources International Trading Co. Ltd (MSI) for 70,000tpa +/- 10% of refined ultra-bright high-purity kaolin material for the coatings and polymers market for an initial term of 5 years.
- The contract price for the offtake agreement is superior to the selling price used in the Pre-Feasibility Study of A$700/tonne for ceramic grade material and is fixed for the first 3 years of the contract.
- Payment assurance to the agreement is provided by Jiangsu Holly International Technical Engineering Co. Ltd (Holly), which has agreed to act as financier to MSI.
- Discussions are continuing with MSI for the supply of premium ceramic grade Great White CRM product under a separate agreement in addition to ongoing discussions that are continuing with other potential global customers for additional offtake.
- The agreement represents a substantial proportion of the planned 116,000tpa of refined halloysite-kaolin product to be manufactured from the initial 250,000tpa feed rate capacity plant to be built on site on commencement of operations.
- A review of the Definitive Feasibility Study (DFS) incorporating the manufacture of a coatings and polymers product in addition to premium ceramic grade material is currently in progress.
- Supply of additional quantities of refined halloysite-kaolin to MSI are to be negotiated once production doubles to 500,000tpa feed rate full capacity, which is estimated to be from Year 3.
Let the games begin. GLTAH
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