New Century will sell Nyrstar 250,000 dry metric tonnes of zinc concentrate for the first 3.5 years, rising to 350,000dmt for the final two years of the offtake agreement – representing about 15% and 35% respectively of the scheduled production.
The offtake deal follows New Century’s pronouncement earlier this month it would fight an “opportunistic” claim by Nyrstar it held historical rights covering production from the project.
“It is also noted that Nyrstar has been an active, though to date unsuccessful, participant in New Century’s zinc concentrate tender process,” the ASX-listed company said at the time.
Nyrstar has agreed to suspend the arbitration proceedings.
The news of the potential legal issue earlier this month came as New Century unveiled offtake ...