Tuesday 10th July 2012 |
Text too small? |
Trafigura Beheer BV, a global commodity trading firm, has agreed to buy all of the copper/gold concentrate from OceanaGold's Didipio project in Luzon, northern Philippines.
The offtake would be for a minimum five years when production starts at the mine, OceanaGold said in a statement. Didipio is to be commissioned in the fourth quarter.
Financial terms of the agreement weren't released. A binding contract is expected to be signed "in the near future," OceanaGold said.
Under the arrangement, Trafigura will manage all land and sea transport of the concentrate, which would be delivered to the firm's copper smelting customers in Asia.
Didipio is expected to produce 100,000 ounces of gold and 14,000 tonnes of copper a year over the mine's estimated 16-year life.
Shares of OceanaGold last traded at $2.45 on the NZX and have declined 9.5 percent this year.
BusinessDesk.co.nz
No comments yet
Fonterra appoints permanent COO
Manawa Energy FY24 Annual Results & Webcast Details
Seeka Provides the Results of Meeting - ASM
April 19th Morning Report
PGW Guidance Update
CNU - Commerce Commission releases draft expenditure decision
Spark announces departure of Product Director
TGG - T&G appoints new Director
April 18th Morning Report
SKC - APPOINTMENT OF CHIEF EXECUTIVE OFFICER