Noble Resources International has agreed to take up to 100% of the iron ore mined at the Mbalam-Nabeba project in Cameroon and the Republic of Congo.
The Mbalam-Nabeba project is expected to produce 35 million tonnes a year for 25 years, starting in the fourth quarter of 2017.
Go deeper with GlobalData
Noble will purchase the iron ore and then sell the ore, 62.6% iron content, to global steel mills.
The Mbalam-Nabeba project is based around a group of large-scale iron ore deposits spanning the border of the Republics of Cameroon and Congo.
The project has total high grade hematite resources of 775 million tonnes at a grade of 57.2% Fe, which includes ore reserves of 436.3 million tonnes at a grade of 62.6% Fe.
In addition, the project area also hosts an Itabirite resource of 4.05 billion tonnes at a grade of 36.3% Fe, which has a demonstrable beneficiation process that can produce a 66% Fe concentrate product.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataPotash Ridge has exercised its option to convert its existing exploration agreement into a long-term mining lease with its landlord, Utah State School and Institutional Land Trust Administration (SITLA), for its Blawn Mountain project in the US.
Potash Ridge, through its subsidiary, Utah Alunite, entered into the three-year exploration agreement with SITLA in April 2011.
The deal provided Potash Ridge with the right to convert into the mining lease after meeting certain conditions, with an upfront payment to SITLA of $1,020,000 required upon exercise of the option.
Potash Ridge has also into an agreement with SITLA, where the upfront payment requirement of $1,020,000 was replaced with an initial payment of $200,000 and five equal semi-annual installments of $164,000 starting in March 2015.
With an initial term of ten years, the mining lease will remain in effect beyond the initial term as long as Potash Ridge is producing minerals profitably from, or demonstrates diligent exploration, development or operations on, the project.
Northern Sun Mining has entered into a definitive custom agreement for the custom milling of ore from Wallbridge Mining’s Broken Hammer copper and platinum group metal project in Sudbury, Ontario, Canada.
Under the terms of the agreement, Northern Sun will be responsible for handling and milling ore.
The agreement is for approximately a one year term based on a minimum of 800t per day and milling is anticipated to start around 30 June.
The Redstone mill will generate both a gravity concentrate and a floatation concentrate, which will then be conveyed to copper smelters or refinery for further treatment.
Construction is anticipated to start shortly after mobilising mining contractor.
The Broken Hammer project is an open pit operation, which will be used to extract around 195,000t of in-pit Cu-Ni-PGE mineral reserve using the services of William Day Construction.
Bauba Platinum has entered into a two-year chrome ore supply agreement with ASA Metals.
Bauba intends to develop platinum projects on the eastern limb of the Bushveld Igneous Complex, which are completely reliant on shareholder funding.
The company said subject to shareholder approval, the acquisition of the beneficial rights over the chrome assets, which has low cost open-cast exploitation potential, and the signing of the off-take agreement with ASA, secures the potential of a steady cash-flow stream that may satisfy all of the its financial requirements to advance its projects for the foreseeable future.
The agreement makes provision for a prepayment of up to R5.6m over the next seven months until the mining operations start.
Ormonde Mining’s subsidiary Saloro has entered into a binding offtake agreement with Noble Resources International from Barruecopardo project in Salamanca, Spain.
Noble has agreed to buy 100% of the tungsten concentrate produced from the Barruecopardo open pit mine during its initial five years of operation.
Based on expected tungsten production from the open pit, and if the current tungsten price of around $370 per metric tonnes unit were to be applied, it would equate to net revenues of more than $350m for tungsten concentrate sales over the five year period.
Both companies will seek to extend the agreement or otherwise enter into an arrangement at the end of the period that Noble delivers marketing agency services to Saloro for concentrate sales.
Image: Several mining agreements were signed this week. Photo: courtesy of FreeDigitalPhotos.net.
.gif)
