Business
InvestmentPitch Media Video Discusses A.I.S Resources' New Contract to Delivery 26,000 Tonnes of Manganese Fines to China Annually - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - August 13, 2019) - A.I.S. Resources Limited (TS...
About this update from Ais Resources Ltd
[{"type":"text","content":"InvestmentPitch Media Video Discusses A.I.S Resources' New Contract to Delivery 26,000 Tonnes of Manganese Fines to China Annually - Video Available on Investmentpitch.comVancouver, British Columbia--(Newsfile Corp. - August 13, 2019) - A.I.S. Resources Limited (TSXV: AIS) (OTCQB: AISSF) has signed a contract for a significant regular delivery of manganese ore to an agricultural product manufacturer in China. Under the terms of the contract, A.I.S. Resources will supply 1,000 tonnes of manganese every two weeks for 12 months. At the current grade and weekly benchmark price, this contract has an estimated gross revenue of US$274,400 every two weeks. For more information, please view the InvestmentPitch Media \"video\" which provides additional information about this news and the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter \"A.I.S. Resources\" in the search box. Cannot view this video? Visit:http://www.investmentpitch.com/video/0_4emgwo29/AIS-Resources-signs-contract-to-delivery-26000-tonnes-of-manganese-fines-to-China-annuallyOver the 12 month contract, the company will ship 26,000 tonnes for an estimated gross revenue of US$7 million or CDN$9.26 million.Phil Thomas, President and CEO, stated: \"I am delighted we have signed a long term contract with a substantial buyer on very competitive terms. Our logistics team is working very efficiently and we have improved our loading process eliminating the cost of tuff bags. We have engaged Impala/Trafigura to provide our shipping and export services resulting in substantial savings. This contract will underpin our expansion plans. As soon as we reach 5,000 tonne shipments we will revert to break-bulk Handymax shipping and realize further savings.\"Manganese ore is currently sold based on the price for each 1% manganese content. The company negotiated at price of US$5.60 per dry metric tonne, which is a 1.75% discount to the Platts Manganese 44% CFR lump benchmark price of US$5.70. With the company's manganese ore independently tested at 49% manganese content, A.I.S. is receiving US$274.40 per tonne.Payment terms are by letter of credit with 90% upon vessel departure from Lima, and 10% following CIQ analysis upon arrival in China, with the trip estimated at 35 to 37 days.The contract includes the 200 tonnes shipped earlier in the month from Lima, ...