High Titanium Resources and Technology Ltd (HTL) has signed first offtake agreement with a large scale Chinese end user for production from its Wateranga deposit. Under this agreement, a minimum of 70% of the product produced from the Wateranga mine will be purchased by, and supplied to, the buyer each calendar year for 5-year renewable commencing on the estimated first shipment date.

“As part of HTL’s commitments in order to reduce the business risk and boost shareholder’s investment return“, HTL chairman David Li said, “the agreement gave HTL certainty to commence mining in 2017, and it is also a mark of confidence reflecting the current robust Chinese market that we are delighted to be aligning with.”

Discussions were also underway with the other Korean and Japanese customers for the sales of the rest output from Wateranga deposit.