FinnAust Mining plc, the AIM and FSE listed company with projects in Greenland, Finland and Austria, has told DirectorsTalk that it has appointed Royal IHC (‘IHC’) to provide primary support services to the Company on the Pituffik Titanium Project. IHC is a world leader in the provision of cost-effective wet mining solutions, dredging equipment, training as well as maintenance & support for all marine dredging and wet mining activities.
IHC (https://www.royalihc.com/) is a globally recognised player with a long history of in-house expertise operating in locations throughout the world in both deep and shallow marine environments. IHC and the Company will now work closely to define an optimised development solution that includes their in house wet mining equipment as well as a high level cost estimation for Pituffik. This work will include the appropriate mechanisms for the delivery of a “proof-of-concept” bulk sample, which is planned for 2017, as well as expanding the operation into a potential multi-decade operation supplying low impurity Ilmenite.
FinnAust CEO Roderick McIllree said, “The decision to partner with Royal IHC was a process of selection and took time to get right. The Company reviewed proposals from multiple parties for the provision of these services however it was IHC that stood out as the best and most qualified to assist us as we move Pituffik towards development. Their level of proven understanding and global experience operating efficient and advanced dredging equipment in all types of environments complement the team we have built as we continue to work through the permitting of this project. Work continues to focus on the 2016 field season, however, with this appointment we are now able to looking farther into the future at the development of the project and the shape of that development.
“Based on the results of work conducted to date it is my belief that Pituffik has significant commercial value, with the potential to support a long-term mining operation exploiting what is a high-grade ilmenite occurrence. We are committed to implementing a fast paced development strategy and look forward to working with our newly expanded advisory team to achieve this.”
