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Element 25 Limited (ASX:E25) (FRA:QFP) has agreed key commercial terms to sell 50% of the manganese ore produced from the second stage of the Butcherbird Project development to Singapore-based Semeru Energy Ltd.
As part of the arrangements, Semeru will provide US$5 million in project finance to fund the company’s expansion plans as detailed in the expansion pre-feasibility study (PFS) announced last week.
The non-binding term sheet provides an exclusivity period until June 30, 2021, during which the parties expect to finalise definitive agreements, which will include conditions precedent in relation to due diligence, board approvals, shareholder approvals and any other regulatory approvals that may be required.
Offtake deal
The non-binding term sheet provides for a minimum allocation of 175,000 tonnes per annum and a maximum allocation of 200,000 tonnes.
(Verkleinert auf 50%)
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