Forgive me for my ignorance but I thought funding for the mine would have been incorporated into the off-take agreement.
The off-take agreement appears to be a very simple statement saying that CITIC will buy our product without any mention of what price, from when and by which means. I am surprised, what appears to be so simple, could take so long to produce especially when there doesn't appear to have been any talk of money, and there was more than one buyer interested in buying our minerals.
I foolishly assumed the off-take agreement took so long to produce because it included an agreed sale price or the minerals were paid for in advance so that the mine would be funded through the off-take agreement.
Will CITIC be putting their hands in their pockets to get the mine up and running? I assume CITIC would have been confident of mine funding and mine start up date before agreeing to any off-take agreement.
What price will our minerals be sold at? Is it the market price minus 10 to 15% discount for concentrate? If not, what price and why was this not announced with the announcement of the off-take agreement?
Thanks for any clarification.
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