Iron Ore Offtake and Funding Agreement with Constance Iron and Tulla Resources
Note: This ASX announcement was originally posted Tulla Resources. Click here to access the full announcement.
Tulla Resources Plc (ASX:TUL) (Tulla Resources or the Company) is pleased to advise that further to its announcement of 21 January 2022 its wholly owned subsidiaries, Central Norseman Gold Corporation Pty Ltd (CNGC) and Pangolin Resources Pty Ltd (Pangolin Resources), have entered into an Offtake and Funding Agreement with Constance Iron Limited (previously known as Koch Metals Limited) (Constance) in respect to their iron ore asset at Norseman. A condition precedent for the agreement to come into full force and effect is the successful completion of the initial public offering (raising at least GBP£56.41 million) and listing of Constance on the London Stock Exchange by 30 September 2022 (or such later date as agreed by the parties).
CNGC and Pangolin Resources (Tulla Parties) retain ownership to 100% of the rights to the iron ore and associated iron (Fe) products at the Norseman Project pursuant to the Mineral Rights Deed – Industrial Minerals entered into between CNGC, Pangolin Resources and Pantoro South Pty Ltd on 9 July 2019 (MRD).
Commenting on the Iron Ore transaction, Tulla Resources’ Executive Chairman, Kevin Maloney, said:
"This is an important transaction for Tulla Resources. While our focus is on the recommencement of the gold operations at Norseman, the agreement with Constance Iron is a key part of the Company's strategic plan to diversify our asset base and unlock value for our shareholders. We look forward to continuing to build on our excellent relationship with Constance Iron and their team, who have considerable experience in the development and production of iron ore assets."
Read the full announcement here.
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