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AUZ - AUSTRALIAN MINES LIMITED


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up 30% to all of 2.6c on a strong announcement (with conditions)

 

Binding offtake agreement with LG Energy Solution for supply of mixed nickel cobalt hydroxide from the Sconi Project, QLD.

The offtake quantities covered by the Offtake Agreement will account for 100% of the projected future production of Sconi creating a sound customer foundation to underpin its development.

 

The agreement has only one Condition Precedent, which is that Australian Mines secures financing for construction of the Sconi Project on or before 30 June 2022 (or such later date as the parties may agree).

 

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ASIC commences proceedings against Australian Mines and its managing director Benjamin Bell
 


A range of allegations being made by ASIC but the core of the litigation is that AUZ allegedly breached its continuous disclosure obligations and managing director Benjamin Bell allegedly breached his directors duties.

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