Australian miner IMX Resources Limited (IMX) has announced that a sales contract previously signed with Chinese steelmaker Jilin Tonghua Iron & Steel Group Co. for iron ore deliveries over a three-year period has been turned into a contract to buy iron ore from its Cairn Hill Project's Phase 1 for the life of the mine.
In a variation of the previous sales contract, Termite Resources NL, IMX's 100 percent owned operating subsidiary for Cairn Hill, will sell up to 1.7 million mt per year of unprocessed iron ore to the Chinese company for the life of the Cairn Hill Phase 1 project. The original contract with Tonghua Mining was to supply up to 1.4 million per year for three years. All production from Phase 1 is to be sold at prices related to international traded benchmark prices.