Dundas Licencing Update and Dundas A/S Appointment
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector: Mining
28 January 2020
Bluejay Mining plc ('Bluejay' or the 'Company')
Dundas Project Licencing Update and Dundas A/S Board Appointment
Bluejay Mining plc, the AIM and FSE listed company with projects in Greenland and Finland, is pleased to provide an update on its exploitation licence (the 'Exploitation Licence') application for the Dundas Ilmenite Project ('Dundas' or the 'Project') and announce the appointment of Per Buhl Olsen to the Board of Directors of Dundas Titanium A/S.
Dundas Project Licence Update
Bluejay remains focussed on securing the requisite Exploitation Licence for the Dundas Ilmenite Project, which was submitted to the Mineral Licence and Safety Authority ("MLSA") on 17 September 2019 and included the Environmental and Social Impact Assessments ("EIA" and "SIA"). The lodgement of these documents represented the conclusion of more than three years of extensive field assessments, measurements and documentation, which Bluejay was supported in producing by its various specialist advisers who worked to ensure all relevant modules were prepared in compliance with the application requirements and standards as set out in the approved terms of reference and with respect to licencing requirements.
Following rounds of minor amendments and edits, Bluejay has received several assurances of timely documentation processing and turn-around from the relevant Greenland ministries. Nonetheless, Bluejay is still waiting for final approval on the EIA from the Energy and Environmental Agency for Mineral Resources Activities ("EAMRA") under the Ministry of Nature, Environment and Research, Government of Greenland, and the advisors to EAMRA, the Danish Centre For Environment And Energy, Aarhus University, and Department of Environment and Minerals, Greenland Institute of Natural Resources. Whilst this slow assessment is frustrating, the Company is confident it is nearing conclusion having been informed that a response can be expected in the first week of February. The SIA is also in its final round following a review and amendment process with the Ministry of Mineral Resources, Government of Greenland, who now are now assessing the application.
Dundas A/S Board Appointment - Per Buhl Olsen
Per Buhl Olsen has been appointed as a Non-Executive Director of Dundas Titanium A/S, Bluejay's 100% owned subsidiary which owns the flagship Dundas Ilmenite Project. His appointment follows the strategic investment made by Greenland Ventures and Vækstfonden ('Danish Growth Fund') into Bluejay in December 2019.
Per Buhl is an experienced Investment Manager and finance professional with significant corporate experience. Based in Nuuk, Greenland and on the board of several companies he is very well-connected in Greenland and is a skilled negotiator and analyst with a deep knowledge of the country's society and politics. Per has worked with several Danish and Greenlandic banks, including Bank Nordik and Bank of Greenland and is a graduate from the University of Greenland and Business Institute Denmark.
Bluejay CEO Roderick McIllree said "I would like to extend a warm welcome to Per Buhl Olsen and congratulate him on his appointment to the board of Dundas Titanium. Per's extensive operational experience and network in Greenland together with the ongoing support of Greenland Venture and Vækstfonden will prove very valuable as we advance Dundas towards production.
"With respect to commencing production, the licencing process has been extremely frustrating. Although we enjoy regular and supportive dialogue with the Greenlandic authorities, it has been extremely disappointing that administrative processing has taken considerably longer to complete than was advised, especially considering only minor amendments to our licencing applications have been required. However, we are hopeful that the review and approval process is nearing completion as we have been informed that we should expect a response for the EIA in the first week of February. We expect to receive a response to the SIA shortly thereafter.
"These two responses are the basis for ministerial approval and will then allow the Company to move into the public consultation period, before the Project receives a political decision on development. Throughout Dundas' development, Bluejay has received positive support from various local, regional and national stakeholders in Greenland, as highlighted by the recent investments from Greenland Venture and Vækstfonden, so we are confident that there will be a positive outcome on this front. We look forward to providing further updates on Dundas' permitting status in the coming weeks as we await a response from the Greenlandic authorities and continue to focus on building a sustainable mining project for the benefit of all stakeholders."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information please visit http://www.titanium.gl or contact:
|
Roderick McIllree |
Bluejay Mining plc |
+44 (0) 20 7907 9326 |
|
Kevin Sheil |
Bluejay Mining plc |
+44 (0) 20 7907 9326 |
|
Ewan Leggat |
SP Angel Corporate Finance LLP Nominated Adviser |
+44 (0) 20 3470 0470 |
|
Soltan Tagiev |
SP Angel Corporate Finance LLP Nominated Adviser |
+44 (0) 20 3470 0470 |
|
Andrew Chubb |
H&P Advisory Ltd. |
+44 (0) 20 7907 8538 |
|
Charlotte Page |
St Brides Partners Ltd |
+44 (0) 20 7236 1177 |
|
Cosima Akerman |
St Brides Partners Ltd |
+44 (0) 20 7236 1177 |
Notes
Bluejay is dual listed on the London AIM market and Frankfurt Stock Exchange and primarily focused on advancing the Dundas Ilmenite Project in Greenland into production in the near term. Dundas has been proven to be the highest-grade mineral sand ilmenite project globally, with a JORC Compliant Resource of 117 million tonnes at 6.1% ilmenite and a maiden offshore Exploration Target of between 300Mt and 530Mt of ilmenite at an average expected grade range of 0.4 - 4.8% ilmenite in-situ.
The Company's strategy is focused on securing an offtake partner and commencing commercial production at Dundas in the near term in order to create a company capable of self-funding exploration on current projects and future acquisitions.
Bluejay holds two additional projects in Greenland - the 2,776sq km Disko-Nuussuaq ('Disko') Magmatic Massive Sulphide ('MMS') nickel-copper-platinum project ('Ni-Cu-PGM'), which has shown its potential to host mineralisation similar to the world's largest nickel/copper sulphide mine Noril'sk-Talnakh, and the 692sq km Kangerluarsuk zinc-lead- silver project ('Kangerluarsuk'), where historical work has recovered grades of 41% zinc, 9.3% lead and 596 g/t silver and identified four large-scale drill ready targets.
The Company also has a 100% interest in a portfolio of copper, zinc and nickel projects in Finland. This multi-commodity portfolio has been restructured to be cost-sustainable whilst determining the best plan for future development.
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