Ferro-alloys.com：Auxico Resources Canada Inc. (CSE: AUAG) is pleased to announce that the Company has recently signed an agreement with a customer in India to sell an initial amount of 10,000 metric tonnes of high-grade manganese ore, with the option to increase this to 60,000 MT per month over a 12-month period.
The Company is in the process of shipping the first 10,000 MT to this customer, which Auxico expects to happen later this month. A vessel has already been booked in this regard. The Company has the manganese ore in a bonded warehouse in a port in Brazil, and this ore has been sampled by an independent lab. The grade of the ore is between 46% and 48% manganese and conforms to all of the customer's specifications. A letter of credit outlining payment terms to Auxico has already been provided by the customer. The value of the initial 10,000 MT of manganese sold by Auxico is over $2,000,000 (Canadian dollars).
As per the agreement between the Company and its customer, the contract is for this initial 10,000 MT of manganese ore, with the option to extend the contract up to 12 months, for up to 60,000 MT of manganese ore per month.
Pierre Gauthier, Chairman and CEO of Auxico commented, "I am very pleased that we will soon be shipping this 10,000 MT of manganese ore to our first customer. This represents a significant milestone in our corporate development. Auxico will now be a revenue-generating company focused on delivering returns to our investors. Our team at Auxico has been putting in place a network of suppliers and customers of manganese and other minerals over the past two years. Now, our efforts are coming to fruition. This is a very exciting moment for us."
About Auxico Resources Canada Inc.
Auxico Resources Canada Inc. ("Auxico") is a Canadian company that was founded in 2014 and based in Montreal. Auxico is engaged in the acquisition, exploration and development of mineral properties in Colombia, Brazil, Mexico and the Democratic Republic of the Congo.