St George Mining's (ASX:SGQ) unit Beijing Fangda Carbon-Tech signed an offtake and development memorandum of understanding (MoU) with Liaoning Fangda Group to develop the company's Araxa Niobium-REE Project in Brazil, according to a Wednesday filing with the Australian bourse.
The MoU outlines potential marketing, offtake, and financing opportunities at the project, with Fangda securing exclusive rights to 20% of the niobium products for five years, with an option to extend, the filing said. There is no financial obligation on St George Mining under the MoU.
Pricing for the offtake will be linked to market conditions, and a prepayment loan facility may also be part of the deal, the filing added.
The companies aim to negotiate a binding agreement within nine months.
St George Mining's shares soared almost 22% in recent Wednesday trade.
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