Off-take talks progressing: Ferrowest

Belmont-based Ferrowest Ltd has reassured investors today that negotiations relating to an off-take agreement for its Yalgoo iron ore project are still progressing despite market turmoil.

The company had hoped to have signed a deal by now but said draft documentation is progressing and a number of detailed matters have been resolved.

However a firm timetable for the signing of the agreement has not been released.

"The potential cornerstone partner has advised that the change in the global financial outlook will not affect their decision to enter an agreement with Ferrowest," the company said.

"Their requirement for merchant pig iron ("MPI") remains unchanged, as does their commitment to reach a mutually beneficial agreement with Ferrowest."