Silver Standard Resources has committed an additional 6,000 metric tons (mt) of silver concentrate (containing approximately 3.2 million oz of silver) under spot sales contracts with various trading counterparties. The concentrate is expected to be delivered in the first half of 2012.
“This significant progress is in line with our strategy to sell concentrate on a spot basis while negotiations for long-term contracts advance with several counterparties,” said John Smith, president and CEO, Silver Standard Resources. “The bulk of our year-end silver concentrate inventory will be sold through spot contracts during a period of strengthening silver prices.”
In addition to the spot sales, trial shipments totaling 500 mt of silver concentrate are at various stages of evaluation with smelters. These trials are part of ongoing discussions to place silver concentrate tonnage with multiple smelters through long-term contracts. Discussions for long-term sales agreements have been positive and the company expects to start concluding agreements during the first half of 2012.