DR Congo-based mining company AVZ Minerals to sell Manono tin (Tanganyika province) to commodity giant Noble Group Holdings based in Hong Kong as part of the “lithium and tin Manono” project . A direct debit agreement has been concluded between the two parties for this purpose.
The company intends to raise the necessary funds to be able to start construction of the mine in Manono. “In line with our recent lithium drawdown agreements, this tin concentrate agreement with Kalon will help the company meet certain preconditions that are demanded by our potential financiers,” said AVZ Minerals chief executive Nigel Ferguson.
The agreement covers the annual and three-year sale of 600 tonnes of tin to Kalon Resources, a subsidiary of Noble Holdings Group and signatory of the document. The finished product will be delivered to Lubumbashi (Haut-Katanga) before shipment and have a minimum tin content of 55%, says AVZ who will be paid according to the price of tin on the London Metal Exchange.