Red River Resources Limited (ASX: RVR) (“Red River” or the “Company”) is pleased to announce that first payment has been received for the sale of zinc concentrate from its Thalanga Mine (“Project” or “Thalanga”), Australia’s newest zinc mine, in Queensland. This follows the commencement of concentrate production at Thalanga on 8 September 2017.
As quoted in the press release:
Zinc and lead concentrates from Thalanga are sold under an offtake agreement to Trafigura Pte Ltd. The Offtake Agreements are in respect of 122,000 dry metric tonnes of zinc concentrate and 27,400 dry metric tonnes of lead concentrate, with pricing being determined by reference to the applicable metal prices on the London Metal Exchange at the time of shipment. The concentrate tonnage is expected to be shipped in the first 36 months following commencement of commercial production. Under the terms of the Offtake Agreements, zinc and lead concentrates are trucked approximately 200km to the Port of Townsville, for onward delivery to customers.