- FinnAust has made two new appointments to strengthen its Pituffik project development team.
- The company is bringing in significant expertise to advance and further develop their ilmenite (titanium) mineral sands project in Greenland.
- “Hans Jensen (‘Hans’) has been appointed as Chief Operating Officer. Hans has more than 30 years of experience managing and operating Greenland wide logistical, transport and resupply chains, as well as international shipping. Hans has previously held senior roles in the largest Greenland transportation and logistics companies such as Royal Arctic Line AS and Leonhard Nilsen & Sønner AS where he was Vice-President in charge of Projects and Transportation. Hans is also familiar with permitting regulations required by the various Ministries of Greenland regarding these types of activities.
- In addition, the Company has also engaged Eric Sondergaard (‘Eric’) as Manager of Geology. Eric is a graduate of the University of Calgary, has extensive experience in Greenland and has worked on similar sedimentary type projects in Canada. Eric also managed the exploration team that uncovered the super-giant Kvanefjeld Rare Earth project in Greenland.”
SP Angel Conclusion: The appointments highlight FinnAust’s determination to advance the Pituffik project toward development and production of ilmenite concentrate suitable for shipping to consumers.
Initial findings of independent experts indicate that Pituffik ilmenite concentrates may have the potential for sale into pigment and possibly titanium slag production.
We understand that titanium mineral sands concentrate prices have a new upward trajectory following the withdrawal of much titano-magnetite from processing in China. We expect prices to continue to rise helped in part by strengthening demand for pigments as the global economy continues to grow.
Pigment demand is now expected to return back to the long term trend of 1990-2015 growth rates relatively quickly with 2017 expected to see growth of >5%-7%. A lack of investment in recent years within the industry is seen as creating a tightening supply / demand situation with significant supply disruption from the wholescale removal of titano-magnetite production.
Protectionism in the US may further affect certain supply chains causing US consumers to look for new sources of higher-grade ilmenite concentrate supply
*SP Angel act as nomad and broker to FinnAust and acted for FinnAust in this placing
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