Almonty Industries (ASX:AII) entered an exclusive offtake agreement with SeAH M&S, in which the South Korean producer will purchase 100% of molybdenum production from Almonty's Sangdong Molybdenum Project for the life of the mine, according to a Thursday filing with the Australian bourse.
The agreement includes a floor price of $19 per pound. Located in proximity to Almonty's Sangdong Tungsten Project, the two sites will benefit from logistical synergies, the company said in the filing.
Shares of the company rose past 8% in recent Thursday trade.
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