Coeur d'Alene Mines Corp. announced Tuesday it has entered into a contract with a second purchaser for the Kensington Mine.
The European precious metals company Aurubis AG will purchase half of the mine's gold. This will allow for the sale of Kensington's total output, as the other half of its gold concentrates currently goes to China National Gold Corp.
"Combined with the recently announced agreement with China National Gold Group Corporation, the sale of Kensington's gold concentrates are now secured by contracts with two first-class smelting and refining companies," Coeur Chief Executive Officer Mitchell J. Krebs stated in a press release. "We look forward to working with Aurubis and are delighted to enter into this important commercial relationship."
Tony Ebersole, Coeur's director of corporate communications, said that once companies like Aurubis and China National Gold obtain the gold, they refine and process it for their individual needs.
While Aurubis primarily deals in copper, it also deals in other products, precious metals and material recycling. It is based in Hamburg, Germany.
Ebersole said Kensington is expected to produce around 50,000 ounces of gold this year and 125,000 ounces each following year for the mine's initial productive life of 12 and a half years.
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