trending Market Intelligence /marketintelligence/en/news-insights/trending/WV5pakGh9V8Ao8RlzULQwQ2 content esgSubNav
In This List

Australian Mines flags possible Sconi off-take termination with SK Innovation

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Australian Mines flags possible Sconi off-take termination with SK Innovation

Australian Mines Ltd. said Oct. 1 that its off-take agreement with SK Innovation Co. Ltd. will terminate if the latter fails to issue a prepayment letter by Oct. 31 or if formal documentation is not agreed on by the end of January 2020.

SK Innovation has already completed its due diligence on Australian Mines' Sconi cobalt-nickel-scandium project in Queensland, Australia, for the off-take.

Australian Mines executed a long-form agreement in early August allowing SK Innovation to purchase all of the battery-grade cobalt and nickel sulfates from Sconi for an initial seven years.

The deal was conditional on SK Innovation completing due diligence and the companies entering into a binding deal by Sept. 30, which has now been extended to Oct. 31.

Meanwhile, Australian Mines will continue its discussions with potential funding partners for the project, it said.