News: Carbine Resources executes MOU for additional pyrite offtake

Carbine Resources (ASX:CRB) has entered a conditional Memorandum of Understanding (MOU) with Jainson Labs India to develop formal offtake for pyrite sales into China, India & Europe.

Pyrite is comprised of iron and sulfur and is an important ore for use in the production of sulphuric acid.

The offtake would be supplied from Carbine's Mount Morgan Gold & Copper Project in Queensland, which continues to receive strong interest in its premium pyrite product.

The MOU with Jainson will be used as a mechanism to develop formal offtake agreements for pyrite concentrate from Mount Morgan.

The terms still to be finalised include, amongst other things, pricing, product and quantity. These terms are to be based on the following:

- FOB sales from the Port of Gladstone; and
- Production of 100,000 to 200,000tpa, +/- 50% S concentrate, +/- US$100/t FOB price.

The MOU remains non-binding and non-exclusive until the parties have confirmed all terms and entered into formal agreements.


Mount Morgan Mine details

- Located in Queensland.
- Significant historical mine site.
- Close proximity to cities, ports & rail.
- Deposit mined for ~100 years.
- Production 8.4Moz Au, 400kt Cu, 1.2Moz Ag.
- Large defined tailings resource remains.
- Environmental legacy owned by QLD gov.