• Detailed offtake term sheet signed with significant foundry sand importers in the Republic of Korea
• Importers are suppliers to Hyundai Motors, Kia Motors and Renault Samsung Motors
• Follows comprehensive testing of Arrowsmith North silica sand that confirmed suitability and superior quality for the foundry industry
VRX Silica Limited (ASX:VRX) (VRX or Company) is pleased to announce it has entered into an offtake term sheet for the supply of silica sand from its Arrowsmith North Silica Sand Project (Arrowsmith North) into the foundry industry in the Republic of Korea (South Korea).
The offtake partners, Dong A Heung Eop Mining Co., Ltd (Dong A) and DongNam Corporation (DongNam), are leading suppliers of sand to the foundry industry in South Korea. Dong A is based in Busan and has been an established South Korean supplier of foundry and resin coated sand (RCS) to the foundry industry since 1965. DongNam, established in 1965, is a supplier of RCS and cast alloy products to Hyundai Motors.
The term sheet sets out detailed terms and conditions for the supply of an aggregate 200,000 tonnes per annum of AFS55 certified foundry sand for a period of four years, with volume to be split between Dong A and DongNam.
For more information, download the attached PDF.
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