crocdee said:pays company 20c for all unexcersised oppies.
only guessing but that looks like what's happening.
if it does i think sp will pullback a little.
regards croc
3 February 2005
ASX RELEASE
Buyers Signed for 100% of Proposed Iron Ore Production
Aztec Resources Limited now has buyers committed to take all iron ore produced from its proposed 2 million tonne per annum iron ore mine at Koolan Island, Western Australia for the coming 15 years.
The company announces the conclusion of a Memorandum of Understanding with CITIC Resources Australia Pty Ltd (“CITIC”). This follows a similar arrangement with Chinese iron ore trading company Sinom (China) Ltd, announced on 28 January 2005 and MOU’s with China’s MinMetals and a large Japanese trading house in December 2004.
The company has now secured MOU’s for the sale of over 33 million tonnes of iron ore over the life of the mine.
With commitment for the start up tonnage now secured and continuing strong buyer interest in Koolan ore, Aztec will be focusing attention on exploration aimed at an early ramp up to at least 3 million tonnes per annum rate of production. The recent successful option underwriting exercise to raise $24.3 million fully underwritten by LCS Capital (wholly owned by Zurich
Financial Services Australia Limited) and Grange Securities will enable an exploration programme to be established through 2005 with this intention.
Details of CITIC arrangement Iron ore tonnage to be supplied to CITIC will be a minimum of 10.5 million tonnes of ore over a period of 15 years at a guaranteed rate of 700,000 tonnes per annum for a period of 15 years or
the life of the mine, whichever comes sooner. Subject to mutual agreement on the conditions of the purchase and the viability of the project; finance for the development and construction of the project will be made available by CITIC.
Agreement terms will be based on:
• The project being considered viable by both parties;
• Mutual agreement of the detailed conditions on the purchase of Koolan ore; and
• Approval by the Purchasers Board.
Commercial details will be provided on the completion of contract negotiations.
Background on CITIC CITIC Resources Australia Pty Ltd is a subsidiary of CITIC Group, one of China’s largest stateowned enterprises. CITIC Group has assets in excess of US$60 billion and revenues of US$4.4 billion. CITIC Group‘s activities include financial businesses (including commercial banks),
industrial investments (including those in the energy and raw materials sectors) and international trade. It is headquartered in Beijing, People’s Republic of China. CITIC Resources Australia is also a shareholder in Aztec Resources Ltd.
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