Copper Concentrate definition
Examples of Copper Concentrate in a sentence
The terms of the CMN Copper Concentrate Offtake Agreement were arrived at after arm’s length negotiations between MMG SA and CMN.
As the relevant percentage ratios in respect of the maximum transaction value on an annual basis relating to the Copper Concentrate Sales Framework Agreement are more than 0.1% and less than 5%, it constitutes a continuing connected transaction which is subject to the reporting, annual review and announcement requirements under Rule 14A.76 of the Listing Rules, but exempt from the independent shareholders’ approval requirements, under Chapter 14A of the Listing Rules.
MMG SA is likewise provided with an assured right to the remainder of the production of the Las ▇▇▇▇▇▇ Project through its own offtake agreement entered into with the Seller on 11 January 2016, which is on the same terms as those of the CITIC Copper Concentrate Offtake Agreement.
The principal terms of the CITIC Copper Concentrate Offtake Agreement are set out below: Date 11 January 2016 Parties (a) Minera Las ▇▇▇▇▇▇ ▇.▇.
The terms of the Copper Concentrate Sale Agreement were arrived at after arm’s length negotiations between MMG Golden Grove and Album Trading.
The Board wishes to announce, on a voluntary basis, that pursuant to the CMN Framework Offtake Agreement, MMG SA and CMN entered into the CMN Copper Concentrate Offtake Agreement on 11 January 2016 to set out the specific terms on and subject to which the sale and purchase of the Product between CMN and MMG SA will be made.
The Buyer is therefore a connected person of the Company and the transactions contemplated under the CITIC Copper Concentrate Offtake Agreement constitute continuing connected transactions of the Company under Chapter 14A of the Listing Rules.
In view of the continuing nature of the transactions which are the subject of the Copper Concentrate Sales Framework Agreement, the Directors (including the independent non-executive Directors) believe that the entering into of the Copper Concentrate Sales Framework Agreement has the benefit of reducing the administrative burden and costs associated with compliance with laws and regulations to which the Group is subject.
The Company proposes that the maximum aggregate amount payable by the CMN Group to the Group under the Copper Concentrate Sales Framework Agreement for the financial year ending 31 December 2016 is US$45.0 million.
The CITIC Copper Concentrate Offtake Agreement helps the Seller secure long-term sales revenue, thereby reducing its business risk given the volatility in global commodity demand.