* 10-year agreement for iron ore concentrate
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* Consolidated Thompson gets $50 mln credit line (In U.S. dollars, unless noted)
TORONTO, Jan 5 - Consolidated Thompson (CLM.TO), which is developing the Bloom Lake iron ore project in northern Quebec, said on Tuesday it has entered into an offtake and credit agreement with Korea's SK Networks (001740.KS).
Under the deal, SK has committed to buy 1 million tonnes of iron ore concentrate annually for 10 years from Bloom Lake at fair market value.
The Korean company -- a subsidiary of conglomerate SK Group -- will make available to Consolidated Thompson a $50 million unsecured five-year credit facility to fund development of the project, which holds 640 million tonnes grading about 30 percent iron.
Bloom Lake is expected to start production this year. Initial output is seen at 8 million tonnes a year, rising eventually to 16 million tonnes.
Harp Capital Corp advised Consolidated Thompson on the credit agreement, the Montreal-based miner said.
The deal comes as several Asian companies have been busy locking in supply of base metals to fuel economic growth.
Last year, China's Wuhan Iron and Steel paid $240 million for a 19.9 percent stake in Consolidated Thompson in a deal that included an offtake agreement.
Shares of Consolidated Thompson rose 30 Canadian cents to C$7.20 on the Toronto Stock Exchange, and are up sevenfold since the end of 2008.
The news on the SK Networks deal was released after markets closed.
($1=$1.04 Canadian) (Reporting by Cameron French; editing by Rob Wilson)