Nautilus Minerals has signed a binding heads of agreement with Tongling Nonferrous Metals Group for the sale of the product extracted from the Solwara 1 deposit located in the Bismarck Sea, Papua New Guinea.
The agreement provides for the purchase by Tongling of 1.1 million tonnes per annum (subject to +/- 20% variation) of Solwara 1 material for a period of three years on a take or pay basis, commencing upon the first delivery of product from Solwara 1, targeted in the fourth quarter of 2013 and includes an option to agree an extension of the arrangement.
Nautilus chief executive Stephen Rogers said: "The quality of this relationship with China's largest importer of copper concentrates provides further evidence that there is considerable interest in the high grade massive sulphides being found by the emerging seafloor resource production industry."
At 4:11pm: (LON:NUS) share price was +6p at 150.5p
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