Meridian Mining SE (TSXV:MNO) announced Q3 production and sales results for its Espigao manganese project, commenting that it achieved a 38-percent increase in production compared to the previous year.
Other production and sales highlights include:
- Meridian achieved production of 18,488 tonnes in the third quarter, compared to 13,445 tonnes in Q3 2016. This represents a 38% increase in line with the forecasted ramp up of manganese operations as planned for 2017.
- The Rio Maderia plant achieved a record production in August of 7,091 tonnes
- Sales in the third quarter were 8,056 tonnes of manganese oxide mineral product compared with 6,622 tonnes in Q3 2016, a increase of 22%
- Meridian has confirmed orders for 2017 totalling 53,129 tonnes, which will account for all planned production in 2017.
- CIF Tianjin pricing for 44% manganese was $6.54 per dmtu as of September 30th, 2017. (source: www.metalbulletin.com).
The press release also states:
The Company has signed an offtake contract for a minimum sale of 20,000 tonnes and the option to increase to 30,000 tonnes for 2018. This offtake is to the same international customer that purchased 20,000 tonnes in 2017 (see news release dated June 21, 2017).
The sales contract will consist of shipments to be completed before year-end 2018. Given that Meridian’s product is high grade, it will be priced at a premium to benchmark.
The first shipment for 2017 is underway with product been stockpiled at Porto Velho port, in Rondonia and is being loaded onto barges to be trans-shipped in bulk at Outeiro port in Para State.