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Celsius Coal Ltd. (ASX:CLA) announced that it has signed a non-binding memorandum of understanding (MOU) with Xinjiang Bayi Iron and Steel Group and China Minmetals Group, both of which are potential offtake customers.
Celsius Coal Ltd. (ASX:CLA) announced that it has signed a non-binding memorandum of understanding (MOU) with Xinjiang Bayi Iron and Steel Group and China Minmetals Group, both of which are potential offtake customers.
Highlights include:
- Bayi Steel is the Xinjiang division of Baosteel, China’s second largest and the world’s fourth largest steel maker
- China Minmetals is a Chinese Government key state-owned enterprise and is the largest iron and steel trader in China
- Primary goal of MOU is to facilitate trial shipment of coking coal for metallurgical testing, and trial logistics arrangements between the Uzgen Basin Coking Coal Project and customer facilities in Xinjiang, China
- MOU also covers potential long-term supply agreements between Celsius and the two customers in the event the trial results in positive outcomes
Click here to read the full Celsius Coal Ltd. (ASX:CLA) press release.