BEIJING (Asian Metal) 29 Nov 19 – Australian-based Technology Metals Australia Limited (“TMT”) today announced that it has mutually agreed to a short extension of term of the previously announced Memorandum of Understanding (“MOU”) with CNMC (Ningxia) Orient Group Co., Ltd. (“CNMNC”).
The Company and CNMNC have continued to have highly constructive discussions on converting the MOU to a binding V2O5 Offtake Agreement over vanadium production from the Gabanintha Vanadium Project. Both parties remain committed to delivering a mutually beneficial outcome reflecting the terms agreed in the MOU, including minimum annual quantity of 2,000tpa V2O5 to be purchased on a take-or-pay basis and incorporating a floor and ceiling price structure.
As such the parties have mutually agreed to extend the term of the MOU through until 16 December 2019 to enable the orderly progression through to a binding offtake Agreement.
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