bulk test results a massive 140% above jorc %, page-5

Sorry Pumpkin Pete but I would prefer to banter with you on this thread !

I think they meant the smelter would smelt the pyrite for free in exchange for the by product " sulphuric acid " which the smelter will sell and keep the $$$$ from said product !

Looks to me like O.W will be adding around $160m a year for the pyrite on top of the 60$ copper offtake !

OFFTAKE AGREEMENT FOR SALE OF MINERAL CONCENTRATES FROM ROCKLANDS GROUP COPPER PROJECT COMPLETED WITH CHINA OCEANWIDE INTERNATIONAL HOLDINGS CO. LTD (China Oceanwide)

OCEANWIDE INTERNATIONAL RESOURCES INVESTMENT CO. LTD (Oceanwide) TO SUBSCRIBE FOR A$130M OF SHARES IN CUDECO
CuDeco Ltd is pleased to advise its shareholders that the Company has completed the Offtake Agreement with our new cornerstone investor, the Hong Kong based investment and resources group. The material terms of this agreement are:-

a. China Oceanwide has agreed to purchase a minimum of 60% of the total product from the Rocklands Project.

b. Cudeco has the right to sell the entire 100% of production to China Oceanwide but at CuDeco?s future discretion. It is common within the industry to allow for 40% of the product to be sold on the spot market when copper/gold/cobalt prices fluctuate from time to time.

c. The term of the agreement is for 20 years.

d. Under the terms of the Offtake Agreement, as well as purchasing the copper/gold concentrates, the buyer is also purchasing the -pyrite/cobalt concentrates, which are anticipated to be approx. 200,000 tonnes per annum. On current prices the margin on the pyrite/cobalt alone is approx. $US805 per tonne.-
The pricing for the offtakes will be linked to the prices on the London Metals Exchange and the London Bullion Market Association.