Aurox to sell iron ore concentrate to Chinese
Publications: MiningNews.NetDate: Mar 14, 2007
AUROX Resources has nailed down a 15-year iron ore offtake deal on its Balla Balla titanomagnetite iron ore project in the Pilbara, signing a long-term sales agreement to supply Chinese company Chengde Iron and Steel Group with 3 million tonnes of concentrate a year, marking a change in approach for the Perth-based company.
The agreement, which begins in 2009, will see the price of the concentrate linked to the Hamersley Premium Fines price, which is negotiated each year between steel producers and Australian suppliers, Aurox said.
The company will sell 100% of its product from Stage 1 of the Balla Balla project to Chengde under the agreement.
Aurox managing director Charles Schaus told MiningNews.Net that there was no uncertainty in the agreement, which was drafted by Melbourne-based Chambers & Company.
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