VRX Silica (ASX:VRX) entered into additional nonbinding offtake term sheets for the supply of silica sand foundry products from its Arrowsmith North silica sand project in Western Australia for the foundry industries in South Korea, Japan, and Taiwan, according to a Monday Australian bourse filing.
The offtake parties are Namgwang Casting Materials and Woori in South Korea, Yamakawa Sangyo in Japan, and FarnHwa Enterprise in Taiwan.
It said it has offtake interest under the term sheet for an aggregate of 640,000 tonnes.
The firm added that offtake is subject to final permitting, port clearances, and formal documentation, including final agreement on pricing. Permitting for the project is expected by the end of the first quarter and it is exploring project financing alternatives, including engaging with prospective debt financiers.
Its shares rose a little over 2% in recent trading on Monday.
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