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.