JOHANNESBURG (miningweekly.com) – ASX-listed CuDeco signed a term sheet with major shareholder China Oceanwide on Tuesday for the offtake of all native copper from its Rocklands copper project,in Cloncurry, Queensland.
The term sheet included a fair processing charge and a payable copper value of no less than 96.5% of contained copper.
The formal documentation for the offtake agreement was expected to be
completed this month.
“The signing of a term sheet with our major shareholder, China Oceanwide, for all native copper will provide financial security for our Rocklands project,” said CuDeco MD Dr Dianmin Chen.
All resources were focused on working towards achieving the first shipment
of native copper by the end of Jun. The company expected the first sulphide copper concentrate to be produced in July and first shipment of copper concentrate either in late September or the first half of October 2016.
CuDeco reported that its management, operators and contractors continued to progress the completion of the construction and commissioning of the project.
The crushing circuit was now fully commissioned, and all other circuits had been commissioned on water and were operating satisfactorily, except for a water pipe which recently failed during wet commissioning tests.
Ore feed had gone through the high pressure grinding rolls, the scrubber, the jigs and the gravity circuits, and the process was now ready to feed through to the ball mill and flotation.