The selling price of the deliverables will be based on a formula guided by the average of the available daily price of Platts for 65% Fe CFR North China, adjusted subject to the Fe (iron) content of each shipment of the deliverables.
Fortress Minerals’ (SGX:OAJ
) subsidiary, Fortress Resources, has entered into a new 12-month offtake agreement with an unnamed independent third-party domestic steel mill in Malaysia.
Under the agreement, Fortress Resources has agreed to deliver approximately 240,000 wet metric tonnes of iron ore to the domestic steel mill from Jan 2 to Dec 31. The deliverables are subject to a variance of an additional or a reduction of 20% at the option of Fortress Resources.
