16th Sep 2013 07:56
LONDON (Alliance News) - Tricor PLC Monday said its Sea Wind Group subsidiary had won a contract from Bluemax Tradelink securing exclusive rights to excavate and sell iron sand and sand from a site called Bangan in the Philippines.
It said it expects to excavate large quantities of sand and iron sand from the site, which is on the Bucao River.
The deal is for a minimum of four years, although it can terminate the contract if it gives 30 days notice in writing. It can remove as much sand as it wants, but is obliged to buy a minimum of 100,000 tonnes of sand from Bluemax Tradelink in the first year.
Tricor said it is now actively talking with potential investors in Sea Wind to finance the operations.
Tricor shares last traded at 36 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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