Bill Brodie Good of Alien Metals: agreement with Anglo American for up to S$15m project funding
Episode 863, Aug 31, 2022, 11:43 AM
Bill Brodie Good CEO of Alien Metals #UFO discusses how its wholly-owned subsidiary Iron Ore Company of Australia has entered into a mandate letter providing an exclusive right to negotiate project funding & offtake arrangements with Anglo American in relation to the Hancock iron ore project located in the Pilbara, Western Australia.
Highlights
· IOCA has granted Anglo American an exclusive right to negotiate and agree terms with IOCA for up to US$15 million in funding and 100% of offtake from the Hancock Project, including:
• US$10,000,000 in Advance Payment Facility
• 100% Offtake for Sinter Fines and Lump from the Hancock Project
• Offtake terms to include vessel prepayments for up to US$5,000,000 for the first 12 months
· Anglo American to receive an agreed royalty for 24 months.
· Exclusive right commences immediately and will conclude the earlier of 60 calendar days after IOCA delivers to Anglo American an agreed Base Case Financial Model together with all necessary supporting documents or such later date that the parties may agree upon.
· Anglo American is a leading, global mining company with a portfolio of competitive, world class operations, including annual production of more than 60Mt of premium quality iron ore from South Africa and Brazil.
To read the full RNS click here
Highlights
· IOCA has granted Anglo American an exclusive right to negotiate and agree terms with IOCA for up to US$15 million in funding and 100% of offtake from the Hancock Project, including:
• US$10,000,000 in Advance Payment Facility
• 100% Offtake for Sinter Fines and Lump from the Hancock Project
• Offtake terms to include vessel prepayments for up to US$5,000,000 for the first 12 months
· Anglo American to receive an agreed royalty for 24 months.
· Exclusive right commences immediately and will conclude the earlier of 60 calendar days after IOCA delivers to Anglo American an agreed Base Case Financial Model together with all necessary supporting documents or such later date that the parties may agree upon.
· Anglo American is a leading, global mining company with a portfolio of competitive, world class operations, including annual production of more than 60Mt of premium quality iron ore from South Africa and Brazil.
To read the full RNS click here