Canada’s Macarthur Minerals has inked a binding $4-billion life-of-mine offtake agreement with diversified major Glencore over the iron-ore at its Lake Giles project, in Western Australia.
the terms of the agreement, Glencore would acquire an average of four-million tonnes a year of Lake Giles iron-ore, over an initial ten-year period, with the option to extend for a following ten years for all future tonnes.