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© konstantin semenov / dreamstime.com Components | May 26, 2017

Cancelled tantalum supply contract for AMG

AMG Advanced Metallurgical Group has received a 'notice of cancellation' of its tantalum supply contract from its customer, Global Advanced Metals USA Inc. (GAM).
GAM has asserted that AMG has failed to provide adequate assurances of its ability to perform under the supply contract following a fire at the Mibra mine site (Brazil) in January 2017 in one of AMG's two tantalum concentrate production lines.

AMG believes that it has supplied detailed empirical information that provides reasonable and adequate assurance of its ability to perform its obligations under the supply contract, notwithstanding the fire, and that GAM's action has no legal or factual basis. AMG intends to take all steps to protect its rights under the contract, a press release states.

The fire occurred in the Gravimetric concentration section in one of AMG's two tantalum production lines on January 19, 2017. AMG's other tantalum production line, as well as crushing and grinding circuits and magnetic separation equipment, the company said remained fully operational. "The fire does not impact AMG's Lithium project. Construction of AMG's new lithium concentration plant at the Mibra mine site is unaffected by the fire", a press release at the time stated.

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November 14 2017 8:30 PM V8.8.9-2