General MiningCorp. Ltd. has entered a second off-take agreement with anotherChinese customer and MitsubishiCorp. to supply 15,000 tonnes of lithium concentrate for the currentcalendar year and 60,000 tonnes for 2017, according to a July 12 news release.
The company has received a pre-payment of US$4.5 million onbehalf of its MountCattlin lithium joint venture in Western Australia with
The terms of the agreement are the same as the previousoff-take deal for60,000 tonnes of lithium-bearing spodumene concentrate, entered in March.
The joint venture partners have also decided to retain15,000 tonnes of this year's forecast production for a potential spot orauction sale process later this year.
In total, the joint venture has now entered into definitivecontracts for 45,000 tonnes this year, received 50% of the contract value asprepayments equal to US$13.5 million, and contracted a total of 120,000 tonnesof 2017 production.
Meanwhile, Galaxy received A$1.5 million from General Miningas the first quarterly installment of the A$6 million per annum progresspayment due on the Mount Cattlin project, and has used it to pay backapproximately A$1.1 million of its corporate debt facility with OCP Asia.
Galaxy and General Mining are , creating a lithium miner with amarket cap exceeding A$700 million.