Bluejay Mining PLC has received an export licence from authorities in Greenland, it said on Monday, for bulk sample material.
Shares were 12% higher in London on Monday morning at a price of 6.73 pence each.
The 40,000 tonnes of material, from the Dundas ilmenite project, will be processing at Bluejay’s pilot plant in Quebec, Canada. Ilmenite is an ore of titanium.
To help with the export, Bluejay has built a barge landing-ramp for ship loading, and it hopes the shipment will depart Greenland in the next four weeks.
The shipping contract has been awarded to Pangaea Logistic Solutions Ltd, which was selected from three final candidates. Pangaea is an “experienced” Arctic shipping firm, Bluejay said, with its two main businesses operating out of Rhode Island and Copenhagen.
Bluejay Chief Executive Roderick McIllree said: “Receipt of the export permit from the Greenlandic government and the approval to ship the bulk sample to Quebec represents the last permitting milestone to enable the transportation of the bulk sample to Canada.
“Furthermore, the engagement of international shipping company, Pangea Logistical Solutions, has provided Bluejay with confidence delivery will be made on time and on budget. Our focus is now on completing the construction of the processing plant and the associated supporting infrastructure at its site in Canada, prior to delivery of the bulk sample material to Rio Tinto Iron & Titanium Canada Inc’s Sorel-Tracy facility in Quebec, Canada,” he added.
“There is much work being completed by the Bluejay team both in Greenland and in Canada, and I look forward to updating shareholders with further developments regarding the immediate shipment of the bulk sample to our plant in Canada,” McIllree continued.
“We firmly believe the testing of this material will prove to be both value-adding and transformative for the company as we progress towards commercial mining in tandem with the development of our other key projects in Greenland.”
Source: morningstar. co. uk