Sirius inks supply agreement with Glencore
PERTH (miningweekly.com) – Takeover target Sirius Resources has inked a supply agreement with diversified major Glencore to supply nearly half of the planned nickel sulphide concentrate production from the Nova mine, in Western Australia.
It was expected that concentrate from Nova would be trucked by road to either the Esperance or Geraldton ports for export.
“We are pleased to have completed the final part of our preferred offtake strategy with such an attractive offtake deal with Glencore. We have now secured offtake for all of Nova’s nickel and copper production for the first three years of the mine’s initial ten-year life and are looking forward to a productive relationship with Glencore,” said Sirius MD Mark Bennett.
The commercial terms for the Glencore offtake agreement remained confidential, but Bennett said that, as with the previous offtake agreements with BHP Billiton’s Nickel West and commodities trading group Trafigura, the agreement reflected the anticipated exceptionally high quality of the Nova concentrate.
The Nova nickel mine was expected to deliver about 26 000 t/y of nickel, 11 500 t/y of copper and 850 t/y of cobalt over a ten-year mine life with concentrate production expected to start in late 2016.
Fellow-listed Independence Group in May launched a takeover offer for Sirius, offering Sirius shareholders 0.66 of an Independence share for every one Sirius share held, along with a cash consideration of 52c a share.
The takeover offer valued Sirius at around A$1.8-billion.
The Federal Court of Australia recently gave its blessing to the merger transaction, while shareholder meetings have been planned for September 3.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
