Nyrstar signs zinc offtake with New Century
GLOBAL metals business Nyrstar has settled a dispute over historic offtake agreements at the Century zinc mine in QLD.
Nyrstar had commenced arbitration proceedings against miner New Century in February relating to the validity of historical offtake agreements at the mine dating back to 2007, however the company said it had suspended the action based on the signing of a new agreement.
Nyrstar has agreed to a 5.5 year offtake agreement for 600,000 tonnes of zinc concentrate, which includes a variable tonnage allocation of 250,000t for the first 3.5 years, rising to 350,000t for the final two years of the agreement.
New Century said it remained on track for first zinc production from the project in Q3 this year.