MONTREAL, July 7, 2022 /CNW/ - Auxico Resources Canada Inc. (CSE: AUAG) is pleased to announce the successful execution of the Company's second trade of 192 tonnes of rare earth ore (monazite sands) from the Democratic Republic of Congo ("DRC"). As the exclusive sales agent in the trade, Auxico will retain a commission equal to 15% of the sales price. Please see below the highlights of the trade:
The material was sold at a final price of US$ 6,500 per metric tonne for a value of US$ 1,248,000. A total of US$ 561,600 representing 45% of the sales price has been paid, while the balance will be settled as following: 45% upon delivery of relevant contractual documents, and remaining 10% once the material arrives at the final destination.
Samples of the material, analyzed by SGS South Africa, had on average 14.95% Neodymium and 3.4% Praseodymium. The lab analysis confirmed that the samples had a ~60% total rare earth oxide content (TREO). The ores represent non-radioactive monazite sands.
The Company is targeting to reach a monthly export of 1,000 tonnes of material from the DRC in the next few months. At current market prices this represents a yearly sale value of ~US$ 78 million.
The trade was executed as per the sales agency agreement that the Company has signed with Central America Nickel. The terms of the agreement and the details of the first trade from the DRC were previously disclosed in the news releases the Company published on March 30, 2022 and April 19, 2022.
About Auxico Resources Canada Inc.
Auxico Resources Canada Inc. ("Auxico") is a Canadian company that was founded in 2014 and based in Montreal. Auxico is engaged in the acquisition, exploration and development of mineral properties in Colombia, Brazil, Mexico, Bolivia and the Democratic Republic of the Congo.
ON BEHALF OF THE BOARD OF DIRECTORS
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The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
SOURCE Auxico Resources Canada Inc.
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