NSL signs lump offtake in India
PERTH (miningweekly.com) – ASX-listed iron developer NSL Consolidated has signed another offtake agreement for its iron-ore projects in India, this time covering up to 200 000 t of existing Phase 1 dry beneficiation plant lump product.
The transaction was signed with pellet producer BMM Ispat, and had the capability to absorb all the expected output from the existing plant, NSL said on Monday.
Being nonexclusive, the offtake agreement also allowed NSL to diversify its customer base.
NSL noted that commercial terms for the one-year agreement were market based, and enabled the company to access the current market conditions in the Indian iron-ore sector. The contract had the potential for sales valued at A$14-million.
This agreement followed the signing of an offtake deal with BMM in February this year, under which BMM agreed to take the first 200 000 t of future Phase 2 wet beneficiation plant fines product from the NSL projects.
NSL in July last year restarted its dry beneficiation plant in India.
The first phase of the operation would see NSL transport about 200 000 t of low-grade existing stockpiles at its AP23 tenement to the Kurnool stockyard. The material will be processed through the existing NSL plant, which had been under care and maintenance.
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