The Pine Cove port
Australia-based FireFly Metals has signed a port access agreement for concentrate from its Green Bay copper and gold project, in Newfoundland, Canada.
The ASX-listed company, which on Tuesday also entered a trading halt pending a capital raise announcement, signed a port access agreement with Maritime Resources, under which it can export up to one-million tonnes a year from the Pine Cove deep-water port.
The port is located just 6 km from FireFly’s Ming copper and gold project in the Baie Verte mining district and can receive Panamax vessels.
“Having open access to such a big port just 6 km away will be extremely cost-effective, low-risk and appealing to potential offtake partners,” said MD Steve Parsons in a statement.
In terms of the agreement, FireFly has agreed to invest C$2.5-million in TSX-V-listed Maritime through the acquisition of 50-million shares at C0.05 each. FireFly also received 3.65-million share purchase warrants with a five-year expiry.
The agreement will remain on foot until March 25, 2074.
Meanwhile, FireFly also announced the resignation of its CFO William Nguyen. He would remain in his role until May 10.