Northern Minerals Signs Offtake MOU for Browns Range Project

Northern Minerals Ltd. (ASX:NTU) announced that it’s signed a memorandum of understanding (MOU) with Jien Mining Pty Ltd. regarding product offtake from its Browns Range rare earths project.
As quoted in the press release:

The MOU is conditional upon completion of the proposed placement to Jien Mining, first announced on 18 February 2015.
Under the MOU, Northern Minerals agrees to sell and Jien Mining agrees to purchase 50 per cent of the Project’s offtake on terms, including price and product specification, to be finalised in a definitive offtake agreement.
This undertaking includes an exclusivity period over this 50 per cent interest ending at the earliest 30 June 2017. As part of the MOU Northern Minerals and Jien Mining will commence discussions, in good faith, to agree on the joint marketing of their respective shares of product under a commercial structure.

Click here to read the full Northern Minerals Ltd. (ASX:NTU) press release.