PERTH (miningweekly.com) – Mineral sands miner Base Resources is on the hunt for new rutile buyers after receiving a notice of volume reduction from one of its buyers.
The company said on Monday that it had received a notice from a counterparty in a long-term rutile sales agreement, exercising its contractual right to reduce the yearly quantity of rutile purchased by about 20 000 t in the current contract year.
The reduction had been implemented in response to an overall decrease in the counterparty’s operational requirements for high-grade titanium feedstocks, Base told shareholders.
The reduction was expected to impact about 6 000 t of planned rutile sales in 2016, with the balance of the reduction to be allocated over the remaining contract year to January 2017.
Base said that it would explore all available options to sell the rutile to other customers, and was hoping to secure alternate sales over the coming 12-month period.
Edited by: Creamer Media Reporter
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