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Uis Tin Mining, a subsidiary of Andrada Mining has extended exclusive tin offtake arrangement with a leading global tin smelter – Thailand Smelting & Refining Co. Ltd (Thaisarco).
According to the agreement Thaisarco is granted exclusivity to purchase all tin concentrate produced at UTMC’s operations, at its absolute discretion.
“This agreement is a result of the long-standing partnership we have built with Thaisarco, the strong operating performance we continue to deliver at Uis and the growing demand for tin.
“In the current robust commodity market, this extension provides greater flexibility for UTMC as we scale our operations to capitalise on market demand,” said Anthony Viljoen, Andrada Chief Executive Officer.
Thaisarco’s decision to further strengthen its relationship with Andrada, is an endorsement from a valued partner. Importantly, it underlies the significance of the Uis operation in the global tin market and demonstrates confidence in our team to achieve scale across the asset.”
In addition, Thaisarco is to advance USD3 million to provide flexibility as operations continue to scale up, the advance amount is unsecured, repayable only at the request of UTMC and does not accrue interest. And no interest accrues on the unsecured Advance Amount, and a small marketing discount is applied to future sales as detailed below
Meanwhile the agreement builds on the long-term partnership with Thaisarco.
