- Royal IHC, the Dutch dredging company is to support FinnAust Mining on the development of the Pituffik titanium mineral sands project in Greenland.
- Support from Royal IHC is a major advance for FinnAust as the company is able to mobilise and supply significant resources to help FinnAust in progress towards development.
- Royal IHC is a world leader in dredging in deep and shallow marine environments and will work closely with FinnAust to define and optimise development solutions for the Pituffik project.
- The two companies will work together to produce a ‘proof-of-concept’ bulk sample next year and will work on expanding the operation into a long-life operation.
- Pituffik appears to host a low impurity ilmenite. Offtakers look for low impurity ilmenite concentrates for blending and onward supply to consumers for pigment production with pigment estimated to have risen by 6-12% in Q1 yoy.
- The ability to ship this material with relatively simple and little processing should be a key advantage for the Pituffik project.
SP Angel Conclusion: FinnAust is de risking the Pituffik project in a methodical process. The support of such a large dredging company ‘Royal IHC’ is a major step toward the eventual development of the project.
* SP Angel acts as nomad and broker to the company
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