Andromeda Metals Receives Letter of Intent for Halloysite-Kaolin Products
Andromeda Metals Limited (ASX: ADN), a mineral exploration and development company focusing on halloysite-kaolin projects in South Australia, has announced the receipt of a letter of intent from IberoClays, a leading Spanish company in the clay industry.
The letter of intent expresses IberoClays' keen interest in purchasing up to 10,000 tonnes per annum of halloysite-kaolin products from Andromeda's flagship Great White Kaolin Project. The project is strategically located on the Eyre Peninsula in South Australia. The letter outlines the indicative pricing, product specifications, and proposed terms and conditions for a binding offtake agreement.
It is important to note that the letter of intent is dependent on both parties completing satisfactory due diligence, executing a binding offtake agreement, and Andromeda successfully achieving commercial production from the Great White Kaolin Project. The letter of intent itself is not legally binding and does not guarantee the finalisation of a binding offtake agreement.
This letter of intent marks another significant milestone for Andromeda, highlighting the strong demand and premium pricing for its high-quality halloysite-kaolin products in the European market.
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Halloysite is a rare form of kaolin that exhibits unique properties suitable for various industries, including ceramics, nanotechnology, environmental remediation, and energy storage.
Andromeda is actively progressing the development of the Great White Kaolin Project, which hosts a JORC-compliant mineral resource estimate of 34. 6 million tonnes of bright white kaolinised granite, containing approximately 12. 7 million tonnes of halloysite. The project is expected to have an annual production capacity of up to 500,000 tonnes of halloysite-kaolin products over a projected mine life of 26 years.
Prior to this letter of intent, Andromeda had already secured binding offtake agreements for 405,000 tonnes per annum of halloysite-kaolin products with customers in China, Japan, and India. The company is actively pursuing additional offtake opportunities with potential customers in Europe, North America, and other regions.
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