Antilles Gold (ASX:AAU) said its subsidiary will not be required to act as an intermediary in the sales process for the concentrates from the Nueva Sabana copper-gold mine in Cuba as previously planned, according to a Monday Australian bourse filing.
The mining company Minera La Victoria signed agreements to sell concentrates from the Nueva Sabana copper-gold mine directly to a major commodities trader.
Minera La Victoria requested the subsidiary to accelerate its discussions with several potential financiers for the Nueva Sabana mine construction.
The unit is focused on finalizing a binding agreement between Minera La Victoria and the turnkey supplier of the concentrator for the Nueva Sabana mine, which would defer $10 million of progress payments until 12 months after commissioning of the mine, the filing said.
It will also continue negotiations on a potential $10 million gold royalty for Minera La Victoria that would apply to the 44,000 ounces of gold forecast in the pre-feasibility study to be produced in a concentrate over the first 18 months of mining.
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