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Mount Gibson secures 3rd off-take deal for Iron Hill

Mount Gibson Iron Ltd. entered into a third off-take agreement for production from its Iron Hill iron ore property, near its Extension Hill mine in Western Australia.

The company will supply about a quarter of the first year's anticipated production to Shougang Concord International Enterprises Co. Ltd. unit SCIT Trading Ltd., which can extend the term for up to 12 months.

With the agreement, more than 70% of available production from Iron Hill in its first year of operation has been committed, the company said Dec. 23.

The agreement is conditional on regulatory approvals, completion of the project development by June 30, 2017, and shareholder approval.