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MANILA - OceanaGold Corp. has signed a sale and purchase deal with a trader for its gold and copper concentrate mined from the Didipio project in Nueva Vizcaya.
In a statement, the Australian company said the offtake agreement with commodity trader Trafigura states that all the copper and gold concetrate produced from Didipio will be sold at competitive terms and conditions, including treatment and refining charges.
Trafigura will then take delivery of copper and gold concentrates from the mine site and will manage all land and sea transportation from the mine site to smelters throughout Asia.
The offtake heads of agreement will be for a minimum of five years from the start of production at Didipio, OceanaGold said.
“The signing of the Heads of Agreement is another significant milestone achieved for the Didipio Project which is expected to commence commissioning in the fourth quarter of 2012,” said Mick Wilkes, OceanaGold managing director and chief executive
“We look forward to having Trafigura as a partner for the Didipio operation and a successful long term relationship with them,” he said.
Wilkes said the two parties expect to finalize a binding contract for the offtake arrangements in the near future.
The Didipio mine, which is located in Northern Luzon, initially planned to begin operations in the fourth quarter of 2012 or first quarter of 2013.
Trafigura is an international commodity trader that specialises in the supply and transport of concentrates. It owns and operates concentrate storage facilities in China and other parts of the world that support the company’s trading activity.
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