19th Aug 2015 06:27
LONDON (Alliance News) - Sirius Minerals PLC on Wednesday said it has secured an upgrade to its take or pay supply agreement with an existing Fortune 500 US-based agri-business customer, which it did not name.
The initial agreement was signed back in January 2014 for 500,000 tonnes per year of polyhalite for a five-year period from the recently approved York potash project, starting from the commencement of production, with an option to be renewed for another five years.
The revised agreement triples the amount of polyhalite to be supplied to 1.5 million tonnes per year, while the contract term has been extended to seven years, with two further five-year extension options.
"We are delighted with this further show of confidence from our North American partner and look forward to sharing successes together for decades to come," said Sirius Chief Executive and Managing Director Chris Fraser.
By Sam Unsted; [email protected]; @SamUAtAlliance
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