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July 29, 2014
09:24 EDTAXXAlderon announces off-take transaction with Glencore
Alderon Iron Ore announced that The Kami Mine Limited Partnership, an affiliate of Alderon, has entered into an off-take agreement with a subsidiary of Glencore, with respect to an off-take transaction pursuant to which Glencore will acquire all of actual annual production from the Kami Project that has not been allocated to Hebei Iron & Steel Group Co., Ltd. Under the terms of the Off-Take Agreement, Glencore will be obligated to purchase, upon the commencement of commercial production, 40% of the actual annual production from the Kami Project up to a maximum of 3.2M tonnes of the first 8M tonnes of iron ore concentrate produced annually at the Kami Project. The term of the Off-Take Agreement will continue until Kami LP has delivered 48M tonnes of iron ore concentrate to Glencore, which is expected to be 15 years after the commencement of commercial production.
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