Greenland grants Bluejay exploitation license
2020-12-15 15:23:21 [Print]
Explorer and developer Bluejay Mining said on Monday it had received an exploitation license for its Dundas ilmenite project in Greenland, which allows the company to progress towards the construction phase.
The permit, valid for an initial 30-year period, allows Bluejay to produce 440,000 tonnes of ilmenite annually over an initial mine life of 11 years. The mineral is considered the most important ore of titanium.
"The ilmenite product market is very robust currently with a clear and strong upward price trend forecast to continue for several years to come," chief executive Roderick McIllree said in the statement. "This tightening of supply and increasing price forecasts provides a perfect platform to now bring online one of the world's great deposits of titanium."
The company already has a conditional offtake agreement for up to 300,000 tonnes per year, or around 70% of Dundas' total future production. The deal, with an unnamed commodity trading firm, was inked in July.
Having the key license would help Bluejay to further progress financing discussions with existing and new interested parties. The company said Dundas requires an investment of $245 million.
Dundas will create 80 to 120 jobs once at full production, which is expected by 2022.
The permit, valid for an initial 30-year period, allows Bluejay to produce 440,000 tonnes of ilmenite annually over an initial mine life of 11 years. The mineral is considered the most important ore of titanium.
"The ilmenite product market is very robust currently with a clear and strong upward price trend forecast to continue for several years to come," chief executive Roderick McIllree said in the statement. "This tightening of supply and increasing price forecasts provides a perfect platform to now bring online one of the world's great deposits of titanium."
The company already has a conditional offtake agreement for up to 300,000 tonnes per year, or around 70% of Dundas' total future production. The deal, with an unnamed commodity trading firm, was inked in July.
Having the key license would help Bluejay to further progress financing discussions with existing and new interested parties. The company said Dundas requires an investment of $245 million.
Dundas will create 80 to 120 jobs once at full production, which is expected by 2022.
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