BCI Minerals (‘BCI’ or ‘the Company’) announced it has entered into an offtake term sheet (Term Sheet) with Itochu Corporation (Itochu) for the sale of high-purity salt from BCI’s Mardie Project.
Itochu is one of the largest Japanese trading and investment companies, operating a diverse portfolio of businesses including a division involved in trading industrial chemicals.
BCI Managing Director, David Boshoff, said: “BCI is excited to have reached this milestone agreement with Itochu, a world leading chemical trading company”.
Itochu has agreed to negotiate an offtake agreement to purchase a minimum of 3,600 kilotonnes (kt) of Mardie salt in aggregate over 5 years from 2026. This includes 500,000 tons of industrial salt in 2026 and 2027, 600,000 tons in 2028 and 1 million tons in 2029 and 2030.
“This Term Sheet marks an important step in the development of the Mardie Project and supports our vision of becoming a globally significant minerals business,” said Mr Boshoff.
BCI also nominates Itochu as preferred trading partner for Japan, Korea and Taiwan and additional specific end users, subject to execution of formal offtake agreement.
The parties shall negotiate a formal binding salt offtake agreement by 31 December 2023.
For more information on this announcement, view the ASX Release here: