The transaction requires Shandong and Sanit to each purchase 30,000 tonnes of the steelmaking metal per month from the Queensland-based miner.
Bracken International Mining executive chairman Luke Bracken commented on the deal after returning from a visit to China to formalise the sale.
“We are entering a new phase where we will have solid cash flow and will be making a profit by the end of the year,” he said.
“To have two such highly regarded companies buying our ore is testament to the quality of our product and our ability to deliver on schedule.
“The Big George West Timor Mine is ready to produce and we are full steam ahead with the development and construction of our smelter at Kupang.”
BIM also has two regional offices in Jakarta, Indonesia and Qindao, China.
