Red River Resources has secured an offtake agreement with Glencore International for copper concentrate produced at its Thalanga zinc project in north Queensland.
Red River is spending about $17 million to bring the mothballed Thalanga processing plant and mining operation online, with commercial production due to restart in the fourth quarter of 2017.
Managing director Mel Palancian said the offtake agreement was a key milestone for the company.
“Being able to deliver concentrate at the mine gate to Glencore is very advantageous to both companies,” he said.
“This represents the culmination of a highly competitive copper concentrate offtake process that commenced at the end of 2016.
“We look forward to finalising the zinc and lead concentrate off-take agreements.”
The 650ktpa Thalanga plant is designed to produce saleable copper, lead and zinc concentrates via flotation.