Business
Farallon Announces Extension of Zinc and Copper Concentrates Contracts up to December 2014
Farallon Announces Extension of Zinc and Copper Concentrates Contracts up to December 2014
About this update from First Atlantic Nickel & Cobalt Corp.
[{"type":"text","content":"\n\n\n\n Aug. 19, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nVANCOUVER, Aug. 19 /CNW/ - Farallon Mining Ltd. ("Farallon" or the "Company") (TSX:FAN) announces that it has extended its zinc and copper concentrates contracts for 2 1/2 years with Trafigura Beheer BV Amsterdam, up to December 2014. More favourable terms have been agreed in both contracts reflecting the current market situation and adjusted to Farallon's quality.\nFor zinc, a fixed treatment charge has been negotiated for tonnage shipped between July 1st, 2010 and March 30th, 2011. From April 1st 2011 to September 30th 2012, a discount over the benchmark treatment charges will be applied to 50% of zinc concentrates production and starting 1st October 2012, a discount over the benchmark treatment charges will apply to 100% of Farallon production of zinc concentrates. In the case of copper concentrates fixed treatment and refining charges apply; however, from August 2011 benchmark treatment and refining charges will be applied.\nFor more than 2 years, since Farallon started production at the G-9 mine, the Company's concentrates have been shipped to smelters in Korea, China, Japan and Canada. Both Farallon zinc and copper concentrates are "clean" concentrates with unusually low levels of impurities. At the same time, both concentrates are high in precious metals. As a result, all smelters are fully satisfied with Farallon's quality, confirming the positioning of the Farallon brand in the international market.\nDick Whittington said: "We are very pleased to be able to restructure our concentrate off-take contracts and to extend our relationship with Trafigura. This is a key component in getting our products to market on a competitive basis and providing shareholder value at the same time."\nFarallon operates the G-9 zinc mine on its Campo Morado Property in Guerrero State, Mexico. G-9 is a 1,500 tonnes per day, underground zinc mine...