Northern Minerals hunts for new offtake partner
KALGOORLIE (miningweekly.com) – ASX-listed Northern Minerals on Tuesday announced the termination of a rare earth carbonate offtake agreement with China’s Lianyungang Zeyu New Materials Sales Company (JFMAG), after that company breached the offtake agreement.
JFMAG in 2017 struck an agreement with Northern Minerals to acquire all the production from the Browns Range pilot plant project, in Western Australia.
The pilot plant is expected to produce 573 000 kg of mixed heavy rare earth carbonate containing terbium and dysprosium as revenue products, over a three-year period.
The agreement with JFMAG includes the prepayment of A$10-million to Northern Minerals, which covers some 15% of the expected value of production during the pilot plant phase, with the remaining 85% of the offtake agreement to be paid as volumes are delivered.
The agreement also includes the issue of 40-million unlisted options in Northern Minerals, at an exercise price of 25c each, which could have been converted into shares to offset the prepayment amount.
Northern Minerals on Tuesday said that the company was working towards securing new offtake arrangements for the Browns Range pilot project, which produced its first rare earth carbonate in October last year.
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