Australia-based miner Condor Blanco Mines Limited has announced that it has signed a binding off-take agreement with Hong Kong-based investment and trading group Jiangxi Resources Limited for iron ore that will be produced from its 50 percent-owned Marianas project in the city of Copiàpo in Chile.
Accordingly, the company will deliver 153,000 mt to 189,000 mt of iron ore in the first year, 306,000 mt to 378,000 mt of iron ore in the second year, 1.02 million mt to 1.26 million mt in the third year and 1.26 million mt to 1.53 million mt in the fourth year. Condor Blanco Mines stated that the agreement does not prevent the company from selling iron ore to third parties.
As SteelOrbis previously reported, Condor Blanco Mines commenced production at its Marianas iron ore tailings project in April this year.