The board of HTL is pleased to announce that the Investment, Mining and Offtake Agreement has been executed between HTL and its strategic investor. The investor has extensive and successful experience in investing mining projects around the world. Based on the agreement, the investor will bring initial capital to the ML80116 area of Wateranga Project, and also be responsible for mine development, production and road transport later on. The investor is entitled to offtake up to 70% of the ilmenite produced from ML80116 area of Wateranga Project at market price, which gives HTL flexibility to reserve the possibility of cooperation with other parties. Upon execution of the agreement, the strategic investor also expressed interest of putting further investment into the development of other area of Wateranga Project.
HTL believes that the execution of the agreement could push Wateranga Project into production phase as soon as possible, and we believe the execution of the agreement is the foundation for the long-term success of the project.