Amex Resources – the company responsible for magnetite mining at the Ba river delta has executed MOU’s for the selling of its future iron-sand production.
The first agreement, with one of China’s major steel mills, is for two-thirds of their initial annual production of 750,000 tonnes of iron-sand concentrate.
The second agreement is for an additional 120,000 tonnes annually.
Amex is negotiating with other steel mills and further MOUs anticipated to be completed shortly.
The company plans to produce and export an initial 750,000 tonnes of magnetite concentrate annually.
The company was recently granted a Special Mining Lease for a 21 year term.
They have completed a Bankable Feasibility Study – confirming that the project is financially and technically robust, with the potential to generate substantial returns over a 20 year period.
