Gippsland ups tantalum offtake

A PURCHASER that agreed to take 320,000 pounds a year of tantalum from Gippsland Limited over four years has opted to increase that off-take to 480,000 pound a year for five years.

Gippsland is keeping the price of the tantalum, along with the name of the purchaser, confidential.

However, the company has told the Australian Stock Exchange that the price for the additional tantalum off-take is fixed for the five year period.

Gippsland chairman Jack Telford told the ASX that the agreement meant the company had sold the total scheduled tantalum output of 650,000 pounds a year from its Abu Dabbab project for the next five years.

The Abu Dabbab project is owned by Egyptian registered company Tantalum Egypt.

Gippsland owns 50 per cent of Tantalum Egypt through an incorporated joint venture with the Egyption Mineral Resources Authority.