Northern Minerals (ASX: NTU) has started receiving subscription payments from Huatai Mining as part of its $18m that is outstanding. In the past few days, $5.5m has been received with funds expected in smaller tranches over the next few weeks.
Northern Minerals (ASX: NTU; the Company) is pleased to announce that it has started to receive payments from Huatai Mining Pty Ltd (Huatai Mining) with respect to the outstanding $18 million in subscription payments.
Over the past few days, payments totalling $5.5 million in cleared funds have been received by the Company.
Recent policy changes by the State Administration of Foreign Exchange of China (“SAFE”) restrict the ability of Chinese entities to effect foreign currency transactions.
Huatai Mining has informed the Company that it intends to continue transferring the remaining funds in tranches over the next few weeks as the funds are cleared by authorities.
The completion of this transaction will facilitate the Company’s commitment to establish a pilot plant at Browns Range, and maintains the Company’s position to become the world’s first significant producer of dysprosium outside of China.
