South Perth-based Aztec Resources Limited has signed a long term contract for iron ore sales from its Koolan Island project with Japan's Marubeni Corporation.
South Perth-based Aztec Resources Limited has signed a long term contract for iron ore sales from its Koolan Island project with Japan's Marubeni Corporation.
South Perth-based Aztec Resources Limited has signed a long term contract for iron ore sales from its Koolan Island project with Japan's Marubeni Corporation.
The contract, for an annual sale of one million tonnes, comes less than a month after the company signed an 15 year supply contract with China-based shareholder CITIC Australia Commodity Trading Ltd for 1.5 million tonnes per annum.
Marubeni had previously agreed to provide Aztec with up to $20 million in project development funds earlier this year.
Broad terms of the sales contract include:
Aztec now has two sales contracts in place with CITIC Group and Marubeni covering nominal annual sales of 2.5 million tonnes. The Company advises that additional sales contracts are currently under negotiation to cover the balance of the planned annual production of four million tonnes.