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LONDON - Marula Mining PLC (AQSE:MARU, A2X: MAR) is in advanced negotiations for a long-term copper offtake agreement for its Kinusi Copper Mine in Tanzania, according to a company press release statement.
Independent (LON:IOG) laboratory analysis by a Swiss-based global commodity trading group confirmed high-grade copper ore samples from Kinusi containing over 26% copper, with no harmful elements detected.
The company expects to complete delivery of an initial 500-tonne shipment of copper concentrates with 20-30% copper grade by July 31, 2025, to this trading group, pending final Know Your Customer procedures. A second 500-tonne shipment to another Swiss-based commodity trader is also scheduled for completion by the same date.
Commercial terms for both shipments include sales prices between 76% and 82% of the full copper content at the official LME Grade A Settlement Copper price, with 90% advance payment upon delivery and the remaining 10% after final weight and assay analysis.
Following these shipments, Marula aims to finalize a three-year offtake agreement in August 2025 for 100% of future copper concentrate and cathode production from Kinusi, which is projected to reach between 1,000 and 2,000 tonnes monthly of concentrate and 1,000 tonnes monthly of cathode.
The company reported that lower-grade copper ore will be stockpiled at the site for future processing through a planned Phase 2 heap leach circuit and electrowinning refining process, rather than being sold to local buyers at unfavorable terms.
Metallurgical testing for this Phase 2 process is ongoing, with preliminary results showing better-than-expected leach rates and recoveries.
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