DuPont (NYSE:DD) has inked a Kenya titanium deal with Base Resources DuPont to buy minimum 72 percent of annual rutile output.
DuPont (NYSE:DD) Signs Metals Deal
Reuters has reported that DuPont (NYSE:DD) has signed a purchase agreement with Australia’s Base Resources to buy products from Base’s titanium mining project in Kenya.
Under the deal DuPont is expected to purchase a minimum average of about 72 percent of annual rutile output from the Kenyan project for a period of six years once production starts.
Tim Carstens, Base Resources managing director ,said that, “The off-take agreement with DuPont (NYSE:DD) is obviously a very significant milestone for Base as it underpins approximately 35 percent of the annual revenue for the Kwale Project as forecast in the enhanced feasibility study, or up to 47 percent of annual revenue if the additional optional volume is supplied”.
Dupont (NYSE:DD) stocks are currently standing at 44.08.