UPDATE: Orbite Hikes 26% in Early Session; Inks Offtake Agreement with Glencore

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Orbite Aluminae Inc. (ORT.TO) announced late Monday an offtake agreement with Glencore International AG, a subsidiary of Glencore Xstrata plc, for the purchase of smelter-grade alumina from the company's proposed smelter-grade alumina plant in Quebec, Canada.

The agreement provides for the purchase by Glencore of 100% of the smelter-grade alumina, from the company's first proposed smelter-grade alumina plant in Quebec, Canada, for an initial term of 10 years from the commencement of commercial production. The agreement also foresees that Orbite and Glencore will undertake negotiations relating to Glencore's potential financial participation in the ownership and operation of the Orbite's proposed smelter-grade alumina plant in Quebec.

All other terms of the agreement, including pricing and renewal rights, are confidential.

ORT surged 26% to 88 cents, with volumes of over 2 million.



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