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Meridian Mining Announces 38,000t off-take and prepayment agreement with Grupo Maringa
Meridian Mining Announces 38,000t off-take and prepayment agreement with Grupo Maringa ...
About this update from Meridian Mining Plc
[{"type":"text","content":"\n\n\n\nMeridian Mining Announces 38,000t off-take and prepayment agreement with Grupo Maringa\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLONDON, Oct. 31, 2017\n\n\n\nLONDON, Oct. 31, 2017 /CNW/ -  Meridian Mining SE (TSX V: MNO) (\"Meridian\" or the \"Company\") today announced it had secured an off-take with Grupo Maringa for 38,000t, of which 20,000t will be prepaid in 3 tranches, with the first prepayment received in October, 2017. \n\n\"Grupo Maringa (http://www.grupomaringa.com.br/) has been a valued and growing Meridian customer for over 2 years. Our ability to supply a high quality manganese ore on a consistent and reliable basis during that time has now translated into Maringa wanting to lock-in supply for 2018\" said Anthony Julien, President and CEO of Meridian. \"As the Brazilian economy has improved, so too have the sales and production of Grupo Maringa (Brazil's 2nd largest ferromanganese alloy producer). Meridian's high quality manganese ore is a key input for their production needs and to enable Maringa to fulfill the rising demand for their products. Maringa has therefore increased their purchasing commitment by 210% for 2018 by way of an off-take arrangement with Meridian amounting to 38,000t for 2018.\"\n\nThe terms of the off-take and pre-payment are as follows:\n\n\nTotal off-take of 38,000t\nThree quarterly prepayments relating to a total of 20,000t\nMonthly deliveries from November 2017 until December 2018\nThe Company is currently commissioning the Jaburi plant, which will enable the Company to ramp up production in the coming months. This has enabled the Company to increase its sales and off-take arrangements for 2018. \n\nQUALIFIED PERSON\n\nThe technical information about the Company's production and sales activities has been prepared under the supervision of and verified by Carlos Braga (B.Sc., MBA, member of the Chilean Mining Commission), the Chief Operating Officer of Meridian Mining, who is a \"qualified person\" within the meaning of National Instrument 43-101.\n\nOn behalf of the Board of ...