MONTREAL, QUEBEC--(Marketwired - June 17, 2013) - Orbite Aluminae Inc. (TSX:ORT)(OTCQX:EORBF) (" Orbite " or the " Corporation ") today announced an offtake agreement with Glencore International AG (" Glencore "), a subsidiary of Glencore Xstrata plc (" Glencore Xstrata "), for the purchase of smelter-grade alumina from the Corporation's proposed smelter-grade alumina (SGA) plant in Quebec, Canada.
The Agreement provides for the purchase by Glencore of 100% of the smelter-grade alumina, from the Corporation's first proposed SGA plant in Quebec, Canada, for an initial term of 10 years from the commencement of commercial production. The Agreement also foresees that Orbite and Glencore will undertake negotiations relating to Glencore's potential financial participation in the ownership and operation of the Corporation's proposed SGA plant in Quebec. The Parties have not set any timetable for the commencement or conclusion of these negotiations. All other terms of the Agreement, including pricing and renewal rights, are confidential for competitive reasons.
"We are definitely pleased to be executing our first offtake agreement with a company of Glencore's stature and experience in the alumina industry," said Glenn Kelly, Orbite's Chief Operating Officer.
Glencore Xstrata is one of the world's largest global diversified natural resource companies with pro forma revenues of $236 billion in 2012. Glencore Xstrata's industrial and marketing activities are supported by a global network of more than 90 offices located in more than 50 countries, with diversified operations comprised of more than 150 mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities.
The Metals and Minerals division is focused on alumina/aluminum, copper, nickel, zinc/lead, alloys, and iron ore, with interests in both controlled and non-controlled industrial assets that include mining, smelting, refining and warehousing operations.
About Orbite
Orbite Aluminae Inc. is a Canadian Corporation with innovative and proprietary processes that is expected to produce alumina and other high-value by-products, such as rare earth and rare metal oxides, at one of the lowest costs in the industry, without generating any wastes, using feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud and fly ash. Orbite is currently operating and optimizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Québec. Orbite has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallée deposit. Orbite signed an exclusive worldwide collaborative agreement with Veolia Environmental Services for the remediation of red mud using the Orbite processes with the intent to construct a Veolia-operated plant. The Corporation has an intellectual property portfolio that contains 14 IP families and owns the intellectual property rights to nine patents and 40 pending patent applications in 10 different countries.
For more information on the Corporation or to download our corporate presentation please visit: www.orbitealuminae.com
Forward-looking statements
Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information may include statements regarding projects, costs, objectives and future returns of the Corporation or hypotheses underlying these items. In this document, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Corporation management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation's control. These risks uncertainties and assumptions include, but are not limited to, those described in the section of the Management's Discussion and Analysis (MD&A) entitled "Risk and Uncertainties" as filed on May 15, 2013 on SEDAR, and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Corporation does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.
