Mining company First Bauxite Corporation has signed a Letter of Intent with an unidentified company which could see the miner supplying bauxite to that company when it starts producing around 2014.
In a statement last week, First Bauxite announced that it has “signed a Letter of Intent (LOI) to enter into its first Sintered Bauxite Supply Off-Take Agreement with a global refractory products manufacturer.” The LOI commits both companies to conclude a multi-year Off-Take Agreement within six months from the date of signing based on terms which have been set out in the LOI. The LOI reflects the recognition by the customer that First Bauxite is in the process of securing “Bankable” Off-Take Agreements to underpin the debt component of its project financing plan, the statement said.
“The execution of this first LOI represents an important step towards securing project financing to bring the
