31 C
Belgrade
Supported byspot_img
spot_img

FinnAust Mining Eyes Near Term Production At Pituffik Titanium Project

Member of Europium Groupspot_img
Supported byspot_img

FinnAust Mining, which has listings in London and Frankfurt, secured a majority interest in the Pituffik titanium project earlier in March, with the acquisition of a 60% stake in Bluejay Mining Ltd.

FinnAust Mining PLC, the mineral exploration company with projects in Greenland, Finland and Austria, on Thursday said its sights are set on achieving near term production at the Pituffik titanium project in Greenland.

FinnAust Mining, which has listings in London and Frankfurt, secured a majority interest in the Pituffik titanium project earlier in March, with the acquisition of a 60% stake in Bluejay Mining Ltd.

Supported by

“To this end we have already made excellent progress; three prospective target areas have been identified, including an unusually pure titanium occurrence, which demonstrates its potential to be in the top percentile of projects worldwide in terms of heavy mineral grade,” Chairman Graham Marshall said in a statement.

The goal is to generate cash flow from Pituffik to create a company that “is capable of eventually self-funding exploration and development opportunities that it currently owns as well as continuing to evaluate other complementary opportunities”.

Marshall’s comments came as FinnAust said its loss before and after tax narrowed to GBP239,335 in the six months ended December 31, from GBP375,609 in the corresponding half the prior year.

Shares in FinnAust were up 8.4% at 2.9 pence on Thursday afternoon.

Source: Lse

Supported byElevatePR Digital

Related News

CATL explores $1.5 billion fund to boost global battery supply chain

China's Contemporary Amperex Technology (CATL), the world's largest electric vehicle battery manufacturer, is in discussions with overseas sovereign wealth funds and private offices of...

Securing Europe’s critical raw materials: Addressing funding challenges for sustainable extraction

Bernd Schäfer, CEO of EIT Raw Materials, advocates for substantial investment in Europe's mining sector following the implementation of the Critical Raw Materials Act...

Strengthening global sustainability: The SCMA and critical minerals for climate goals

Canada's Minister of Energy and Natural Resources, Jonathan Wilkinson, together with Sweden's Minister for Energy, Business and Industry, Ebba Busch, announced Sweden's accession to...

Nickel mining and the green energy challenge: Balancing supply with environmental responsibility

Nickel is poised as a critical element in the global shift towards green energy, yet its extraction poses significant environmental challenges, recently highlighted by...
Supported by
Supported by
Supported by
error: Content is protected !!