Mayur Resources in binding offtake with Qingdao Shinebest

Company News

by Rachael Jones

Mayur Resources (ASX:MRL) has entered into a binding offtake with Qingdao Shinebest for the vanadium titano-magnetite iron sands product from the Orokolo Bay Industrial Sands Project in Papua New Guinea.

Shinebest was established in 2004, and is the largest deep-processing enterprise of tailing re-utilization of vanadium-titanium magnetite ore in northern China.

The Agreement covers the initial requirement for a bulk sample of VTM to be used for commercial scale acceptance testing.

The Agreement also includes a commercial framework for the offtake of 200,000 tonnes of product per annum.

Shares in Mayur Resources (ASX:MRL) opened flat at 54 cents.
    

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