(MENAFN- ProactiveInvestors - Australia) Liberty Resources (ASX:LBY) has signed an agreement to supply Marubeni Corporation up to one million tonnes per annum of urea and ammonia for a period of 25 years, from its urea project in Queensland.
This LOI is based on a non-binding indicative term sheet signed by Liberty and Marubeni of Japan.
Liberty Resources has expanded plans for the Denison Urea Project to enable it to deliver up to one million tonnes per annum of urea and ammonia from the Port of Gladstone in Queensland.
Urea is currently selling for US$432 per ton, FOB NOLA Barge and A$700 per tonne, FOB farm gate in Queensland.
Ammonia is currently selling for US$705 to US$710 per ton, CFR US Gulf Coast.
Marubeni is one of the world's largest trading firms. It is listed on the Tokyo, Osaka and Nagoya Stock Exchanges and is capitalised at nearly US$12 billion.
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