Bauba signs chrome offtake agreement
JSE-listed Bauba Platinum has signed a chromite ore commodity purchase contract with Gerald Metals and Pelagic Resources for chrome ore run-of-mine (RoM) produced at its Moeijelijk mine, in Limpopo.
This agreement is underpinned by a $5-million prepayment, which represents a part prepayment on 240 000 t of RoM chrome ore to be supplied.
The agreement includes an appropriate reduction factor on chrome ore RoM tonnage obligations once chrome ore concentrate material is produced from the Moeijelijk mine’s wash plant.
This prepayment may be used for further growth enhancing projects at the mine or towards the acquisition and development of new mines that Bauba is currently pursuing.
“This financing and offtake agreement will further enhance Bauba’s future profitability. Gerald’s commitment to pre-finance and trade Bauba’s chrome ore production is a significant vote of confidence in the future prospects of our company,” Bauba CEO Nick van der Hoven said on Wednesday.
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