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Bauba signs US$5M chrome ore off-take deal

Bauba Platinum Ltd. signed an off-take agreement with Gerald Metals SA and Pelagic Resources Pty. Ltd. to supply 240,000 tonnes of run-of-mine chrome ore from Bauba's Moeijelijk mine in South Africa in exchange for a US$5 million partial cash prepayment.

The company said Aug. 8 that it may use the funds for further growth at Moeijelijk, to finance an acquisition or to develop new mines. The agreement includes a reduction factor on chrome ore run-of-mine tonnage obligations once the mine's wash plant produces chrome ore concentrate material.

In February, Bauba awarded an 18.4 million South African rand contract for developing and commissioning a chrome spiral circuit wash plant and primary crushing circuit at Moeijelijk.