Search Share Prices
Bluejay Mining engaged in off-take discussions for 'world class asset'
Bluejay Mining is currently engaged in discussions with several parties for offtake agreements and has "strong confidence" that its product will be very popular, according to the company's year-end results.
In the pursuit of securing a final commercial agreement, another bulk sample will be taken from the Dundas Ilmenite Project at Moriusaq in Northern Greenland later this year, where an indicated mineral resource equal to 81m tonnes at 6.1% ilmenite in-situ has been defined.
Mike Hutchinson, non-executive chairman of Bluejay, said: "We have strong confidence that, our product will be highly sought after thanks to a number of key attributes."
The company defines these "key attributes" as the grade and size of the deposit, the simplicity of processing required and the project's location in Greenland, right in the middle of the European and North American markets.
"This accessible and strategic location means Bluejay's ilmenite is set to be much cheaper to ship than the majority of current ilmenite producers which are based in Africa, giving us significant competitive advantage," said Hutchinson.
Alongside the news regarding the pursuit of commercial agreements the company released its financial results for the 12 months preceding 31 December, showing a cash balance of £2.90m, up from £0.43 at the end of June 2016.
The company, which remains at the pre revenue stage, registered a loss before tax of £2.68m, compared to a loss of £0.62m from the year ended 30 June 2016.
The company said its focus remained on commencing mining at the Dundas Project in 2019 and that this is drawing closer as the company nears exploitation licence approval at its "world class asset".
As of 1424 BST, Bluejay Mining's shares were down 2.55% at 22.90p.