Valence signs more offtake deals
PERTH (miningweekly.com) – The share price of ASX-listed Valence Industries was bumped up nearly 9% on Monday on news that the company has signed six new graphite sales contracts.
With nine new customer contracts in place, Valence has secured offtake partners for all the production from the first year of operation at its Uley graphite mine, in South Australia.
The company told shareholders that the signed sales contracts were for graphite concentrate across all sizes and purities, and were in line with the company’s strategy to manufacture and sell graphite to the required specifications of companies.
Contract pricing was structured based on the grade and quality of the graphite, and was consistent with company expectations, Valence said.
The new customers would receive flake graphite concentrate from production in 2015, as well as from increased output in 2016. The flake customers would require samples from actual production facilities in order to quantify the specific grade and quality of the graphite for their own production requirements.
In November last year, Valence took the decision to re-open the Uley mine, which was placed on care and maintenance in 1993.
Phase 1 of the operations would deliver about 14 000 t/y of graphite, while the Phase 2 expansion would see production increase from 14 000 t/y to 50 000 t/y. The expansion of the Uley site would provide additional processing capacity in 25 000 t/y increments of graphite output, to reach 64 000 t/y, to effectively match market demand.
Valence was trading at a high of 39.5c a share on Monday, up from a low of 37c a share.
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