In December, the Greenland-focused explorer and developer was granted the exploitation licence for Dundas. The license grants Dundas Titanium, a wholly-owned subsidiary of Bluejay, the rights to the ilmenite useful resource at Dundas and is legitimate for an preliminary 30-year interval.
Ilmenite is taken into account a very powerful titanium ore and is the first supply of titanium dioxide utilized in paints, printing inks, plastics, and adhesives.
A 2019 prefeasibility examine outlined an open-pit mine lifetime of 9 years producing 440,000 tonnes of ilmenite yearly. Capital expenditure was pegged at $245 million.
The examine estimated the after-tax web current worth to be $83.1 million utilizing a 5% low cost price, and an after-tax inner price of return of 32.8%. The PFS used a JORC-compliant mineral reserve of 67.1 million tonnes of ilmenite grading 3.45% ilmenite.
Bluejay is now centered on securing financing forward of commencing business manufacturing at Dundas. As soon as in operation, income from the mine can help future exploration and acquisitions, it stated.
The corporate’s different property in Greenland embody the Disko-Nuussuaq nickel-copper-cobalt-platinum-gold mission; the Kangerluarsuk zinc-lead-silver mission; and Thunderstone, which has the potential to host large-scale base metallic and gold deposits. In Finland, it has a joint-venture settlement with Rio Tinto (NYSE: RIO: LSE: RIO; ASX: RIO) to advance the Enonkoski nickel mission.
Noon Thursday, Bluejay’s inventory was up 4.5% on the LSE. The corporate has a $147 million market capitalization.
(This text first appeared in The Northern Miner