Metro Mining & Xinfa Executes 2 New Bauxite Offtake Agreements
Metro Mining Limited has signed two additional Binding Offtake Agreements with China's Xinfa Group. The new Agreements commence next year and commit Xinfa to a total of 7 Million DMT under the two contracts, aligning with Metro's Stage 2 expansion plans.
Total commitment for 7 million dry metric tonne
First Contract April to September 2022
Fixed price CIF basis
1 Million DMT
Second Contract - October 2022 to September 2025
2 Million DMT (+/- 10%) per annum
Market pricing to be agreed quarterly in advance on an FOB basis
Condition Precedent is commitment to the Stage 2 Expansion
Xinfa was Metro's foundation customer with an initial four-year Agreement that coincided with the commencement of mining operations at Bauxite Hills in April 2018. It is one of the largest integrated aluminium companies in China with significant refining and smelting operations in Shandong, Shanxi, Guangxi and Xinjiang Provinces.