The sales price for the initial order from new customer Infinity Ores (IFO) is $65 ex-gate, with payment in advance based on 1,000 tonne lots.
NSL is currently working through operational/plant changes to enable the routine production of the +63% iron product for IFO.
The short term operational changes include the blending of higher grade feed supplied by IFO with existing plant feed.
NSL’s wet beneficiation plant commenced two-shift operations in the beginning of April, and is currently scheduled to move to three-shift operations.
The company’s Phase Two wet beneficiation plant is expected to produce premium price iron ore product grading between 58-62% iron at around 200,000 tonnes per annum.
NSL is the only Australian or foreign company to own and operate in India’s massive iron ore market.
The feedstock for the Phase Two wet beneficiation plant is provided by two of the company’s local mines nearby, Kuja and Mangal.
Importantly, NSL’s customer base is expanding, with additional customers having conducted site visits in the past week.