
Copper-magnetite producer inks offtake contract
AFTER searching for suitable buyers for its distinctive magnetite-copper direct shipping ore (DSO), IMX Resources has signed a life of mine (LOM) contract with Vingo Resources for the latter to purchase 50 per cent of all ore produced from IMX’s 51 per cent-owned Cairn Hill mine in South Australia. Cairn Hill is a joint venture between IMX (51 per cent) and Taifeng Yuangchuang International Development Company (49 per cent); it produces about 1.7 million tonnes per annum of magnetite-copper DSO. Prior to this latest contract, Taifeng had been purchasing Cairn Hill ore under a LOM arrangement. However, in early January this year, Taifeng advised IMX it would not pay the set price for the 19th shipment of ore and requested...