Gippsland signs 10-yr Tantalum sale13 Nov 2007 09:39
Gippsland signs 10-yr Tantalum sale contract with Germany's HC Starck
Tuesday, November 13, 2007; Posted: 04:11 AM
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LONDON, Nov 13, 2007 (Thomson Financial via COMTEX) -- GPPDF | charts | news | PowerRating -- Gippsland Ltd said it has signed a 10-year contract with Germany's HC Starck GmbH for supplying six mln pounds of tantalum pentoxide from its 40 mln tonne Abu Dabbab project in Southern Egypt.
The mineral explorer and developer company said the offtake agreement is for 600,000 pounds of tantalum pentoxide per annum.
Gippsland said it expects Abu Dabbab project to generate tantalum and tin sales of about 530 mln usd over the initial 10-year period, based on the current prices of tantalum pentoxide and tin.
The company said it is well placed to finalise project finance arrangements early in 2008 for which the capital cost, including financing during construction is estimated to be 125 mln usd, expected to be funded on an attractive 80 pct debt and 20 pct equity basis.