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DuPont signs offtake agreement on Base Resources' Kenya project

November 25/2011

(ICIS) -- Australias Base Resources Ltd said on Friday that DuPont Titanium Technologies has signed a deal to offtake at least 72% of the expected rutile output from a mining project currently being developed in Kwale, Kenya.


The agreement will span six years from the start of production at Kwale, Base Resources said in statement late on Thursday, adding that the project can start production in 2013.
Rutile is a natural form of titanium dioxide (TiO2). The company has the option to sell up to a further 25,000 tonnes/year to DuPont over the same period.


The agreement provides DuPont the right, in the last four years of the deal, to reduce its offtake volume proportional to any cuts in its overall high-grade TiO2 feedstock requirements, with pricing to be derived from an agreed quarterly index of market prices, the company said.


Perspectives of development of the polymers markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit is organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.


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