AVZ Minerals Ltd
AVZ Minerals Ltd (ASX:AVZ) is listed on the Australian Securities Exchange.
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AVZ Minerals signs first Manono tin offtake through agreement with Noble Group subsidiary
AVZ Minerals Ltd (ASX:AVZ) (OTCMKTS:AZZVF) (FRA:3A2) has signed a binding offtake agreement for the sale of tin concentrate from the Manono Project in the DRC to Kalon Resources Limited, a 100%-owned subsidiary of Noble Group Holdings Limited.
The three-year binding offtake agreement is for the sale of 600 tonnes of tin concentrate per annum from the Manono Lithium and Tin Project.
It is the first tin offtake deal for Manono and equates to approximately 43% of the proposed total tin concentrate that will be available for sale.
Shares have been as much as 7.5% higher this morning to A$0.215 while AVZ's market cap is approximately A$578 million.
"Significant agreement for Manono"
AVZ managing director Nigel Ferguson said: "We are very pleased to have finally signed with Kalon, our first tin offtake agreement - just weeks after having signed our second lithium offtake agreement that cumulatively provides binding commitments for more than 50% of our saleable SC6 product.
"Given the rising LME cash price of tin metal, up approximately 30% YTD, this offtake agreement is significant for the Manono Project and also significant given that Kalon is a considerable participant in the tin industry.
"While this agreement represents a relatively small, but growing portion of revenue for the Manono Project, it does confirm another large international business is willing to secure future supply from the project."
The agreement was completed by AVZ's 100%-owned entity AVZ International Pty Ltd acting on behalf of the seller - Dathcom Mining SA.
Other AVZ Minerals Ltd news
- AVZ Minerals resource drilling confirms further high-grade lithium and tin at Manono Project with resource update underway
2021-04-12 - AVZ Minerals drills 173 metres at 1.63% lithium and 1,134ppm tin from Roche Dure pit floor of Manono Project
2021-02-18 - AVZ Minerals testing confirms primary lithium sulphate is suitable for battery production feedstock
2021-01-11 - AVZ Minerals completes $1.8 million placement as DFS progresses towards completion
2020-04-09 - AVZ Minerals halted ahead of investment update announcement
2020-03-31
