Metro Mining Limited (ASX:MMI) (Metro) is pleased to announce it has signed a non-binding Memorandum of Understanding (“MoU”) regarding a bauxite offtake agreement with the Chinese State-owned Enterprise, SPIC Aluminium and Electric Power Investment Co. Ltd. (“SPIC”)
- State Power Investment Corporation is a very significant Chinese state-owned enterprise;
- The MoU covers supply of 6.5 million tonnes of bauxite, over 4 years from 2018;
- This MoU complements Metro’s existing binding Offtake Agreement with Xinfa for
7Mtpa over 4 years and Metro’s non-binding Letter of Intent with Lubei Chemicals;
- Taken together these represent 100% of the planned output from 2018 and 2019, and 90% of the possible expanded capacity from 2020 and 2021 as proposed in the BFS (refer ASX Release 15 March 2017).
- The MoU confirms the continued and positive response to Metro’s ongoing marketing strategy in China;
- A binding Offtake Agreement with SPIC is under negotiation.
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