THE BOURSE WHISPERER: MGT Resources (ASX: MGS) has signed a contract to sell its first shipment of tin concentrate to its off-take partner Taimetco International Trade Co.
MGT said approximately 17 metric tonnes of 65 per cent tin concentrate will be shipped directly to a smelter in Asia.
The tin concentrate was processed at the company’s Mt Veteran processing plant located at its Mount Garnet project in far North Queensland.
The concentrate was processed from material sourced from stockpiles at the plant, which had been left over from previous mining operations in the Mount Garnet area.
“We are pleased to be selling our first shipment of product,” MGT Resources managing director Jonathan Back said in the company’s announcement to the Australian Securities Exchange.
“Tin concentrate needs to meet stringent standards in order for a smelter to be prepared to accept it.
“This trial shipment shows that our product can be accepted and processed by a world class LME [London Metals Exchange] approved smelter.”
MGT said the shipment was the completion of another milestone in the company’s objective to become a fully-fledged tin producer.