Iron ore producer, IMX Resources Limited (ASX:IXR) is pleased to announce that the Cairn Hill Phase 1 life of mine sales contract has been novated to the Sichuan Taifeng Group on the same terms and conditions as the original sales contract.
The Phase 1 life of mine sales contract has been novated from Jilin Tonghua Iron & Steel Group to the Sichuan Taifeng Group as a consequence of the Sichuan Taifeng Group becoming the majority shareholder in the processing plant at Bayuquan in Liaoning Province in NE China and becoming a 49% partner in Cairn Hill Phases 1 and 2 projects.
IMX Managing Director Duncan McBain said “This novation brings the sales contract into line with the changes to the ownership structure of the processing plant in China, which is the life of mine customer for the Cairn Hill Phase 1 iron – copper ore.”
The first shipment of 68,053 tonnes of Cairn Hill iron – copper ore that departed from Port Adelaide on the “Genco Leader” on 19 December is now expected to arrive in Yingkou in Liaoning Province in NE China on 9 January, after picking up bunker fuel in Kaohsiung en route.
All 3050 containers have now been delivered to Adelaide. It is anticipated that the hardstand for the IMX containers at Port Adelaide will now be completed in the second half of January. The first 40 custom built rail wagons are now due to come into service in the second half of February. The delivery of the first batch of these wagons will enable an additional 3 train services per week to be run.
Categories: COOBER PEDY News & Events