TIDMJAY
RNS Number : 8031T
Bluejay Mining PLC
29 November 2021
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
29 November 2021
Bluejay Mining plc ('Bluejay' or the 'Company')
Dundas ilmenite Project - Appointment of Lead Arranger and
progress update
Bluejay Mining plc, the AIM, FSE listed and OTCQB traded
exploration and development company with projects in Greenland and
Finland, is pleased to provide the following progress update on the
Dundas Ilmenite Project ("Dundas" or the "Project").
-- Global Investment Bank appointed as Lead Arranger for Dundas
-- Commencement of Project preparatory activities and works in 2022
-- Appointment of Mr Peter Davies as Project Manager for Dundas
Global Investment Bank appointed as Lead Arranger for Dundas
The Company is pleased to announce the appointment of a premier
European Investment Bank with global reach, as lead arranger of the
project financing for the Dundas Ilmenite Project.
The bank will assume responsibility for the formation of the
lending syndicate, coordinating the lender due diligence process
and negotiating the debt financing documentation. Participants in
the syndicate may include the Export Credit Agencies, commercial
banks, and industrial entities that Bluejay has been engaged in
communication with over the last 12 months.
The bank's ultimate participation in the lending syndicate
remains subject to all customary conditions, including the
completion of project due diligence and obtaining all relevant
internal approvals including credit approval. Until then, the
participation of the bank as a lender is not assured.
Commencement of Project preparatory activities and works in
2022
In parallel with the Project finance syndicate being formed,
Bluejay will continue and complete the remaining engineering and
planning works required for financial-sign off in accordance with
the specific requirements from the Lead Arranger. Also in 2022, the
Company will commence pre-construction activities at Dundas
targeted at preparing and de-risking the commencement of the
primary construction period and associated sealifts. This
pre-construction activity will include geotechnical and
infrastructure surveying and planning, together with preparatory
works at site.
Appointment of Mr Peter Davies as Project Manager for Dundas
To further support the financing and the development of Dundas,
the Company has appointed Mr Peter Davies as Dundas Project
Manager. Trained as a mining engineer, Peter has over 45 years of
international experience in the mining and mineral processing
industries and, most notably, has extensive experience in mineral
sands and titanium dioxide pigment operations.
With the bank undertaking the role of the lead arranger for
Dundas (subject to customary approvals), the Company will focus on
workstreams and preparatory work that will support the start of
construction (including defining the final capital expenditure
required for the Project) to allow production to commence. Peter
will work with the Company to achieve these aims, which are a key
priority.
Bo Møller Stensgaard, CEO of Bluejay Mining, commented: "Having
a global investment bank on-board as the lead arranger of the debt
Project financing for Dundas, signifies a significant step towards
production for the Company. We are extremely excited to work
alongside them, with a view to having our syndicate, and a
fully-funded construction plan, in place as soon as possible. We
are confident that the global demand for titanium and societal
key-metals means that the fundamentals of the Project are stronger
than ever."
"I speak for the entire Board and management team when I say
that the appointment of Peter serves as another milestone towards
the financial sign-off, construction, and eventual production from
Dundas. Having delivered on numerous definitive feasibility studies
and successful mining operations in the past, including mineral
sands projects, we are confident that Peter's invaluable skill set
and track-record will be a huge benefit to Dundas and the Bluejay
team.
"We look forward to being back on site next season as we
continue to move Dundas forward, hitting the ground running and I
look forward to providing further updates on our progress".
About Peter Davies
Peter obtained a degree in Mining Engineering from the Royal
School of Mines, London, and went on to gain experience globally in
mining operations, detailed project evaluation, project
implementation and operational improvement, across many
commodities. Peter has held senior management roles in underground
and open pit mines and process plants, and most notably, mineral
sands and titanium dioxide pigment operations.
Peter has successfully worked in both operations management and
staff roles for major, global, mining companies, including Ashanti
Goldfields Corporation, Shell Group/Billiton International Metals,
the Tiwest Joint Venture ("JV"), the Antwerp Titanium Dioxide
Pigment Operation, the Kerr-McGee Chemical Corporation (now known
as Tronox), Eagle Gold Mines and CSA Global, where he gained
extensive experience in project feasibility studies as a client, JV
partner and a consultant. At the Antwerp Titanium Dioxide Pigment
Operation and Tronox, Peter gained experience in the overall
management of titanium dioxide pigment manufacturing.
From 2012 to 2014, Peter was the Project Manager and Managing
Director, at Image Resources, as the company delivered a
feasibility study, and production, for its mineral sands project.
From 2015 to 2016, Peter offered technical and project advice to
the CEO of Mineral Commodities Limited on its mineral sands project
upgrade. Peter recently completed Independent Consultant work at
Skaland Graphite AS, in Norway, as the General Manager.
Peter's recent work in feasibility study management has involved
the selection and co-ordination of teams of subject-expert
independent consultants, management of process plant design and
costing activities and integration of the technical studies with
the local permitting and community consultation processes.
For further information please visit
http://www.bluejaymining.com or contact:
Roderick McIllree/ Bluejay Mining plc enquiry@bluejaymining.com
Kevin Sheil
------------------------------ --------------------------
Ewan Leggat/ Adam SP Angel Corporate Finance
Cowl LLP(Nominated Adviser) +44 (0) 20 3470 0470
------------------------------ --------------------------
Hannam & Partners (Advisory)
Andrew Chubb LLP +44 (0) 20 7907 8500
------------------------------ --------------------------
Tim Blythe/ Megan
Ray Blytheweigh +44 (0) 20 7138 3205
------------------------------ --------------------------
Notes
Bluejay is listed on the London AIM market and Frankfurt Stock
Exchange and its shares also trade on the OTCQB Market in the US.
With multiple projects in Greenland and Finland, Bluejay has now
secured three globally respected entities as partner, customer, and
co-investor on three of its projects, giving the Company and its
shareholders both portfolio and commodity diversification in high
quality jurisdictions.
Bluejay has signed a definitive joint venture agreement with
KoBold Metals to guide exploration for new deposits rich in the
critical materials for electric vehicles (The Disko-Nuussauq
Project). Principal investors in KoBold include Breakthrough Energy
Ventures, a climate & technology fund, overseen by Bill Gates,
and whose investors include Michael Bloomberg, Jeff Bezos, and Ray
Dalio. Other investors in KoBold include Andreessen Horowitz, the
premier Silicon Valley venture capital fund and Equinor, the
Norwegian state-owned multinational energy company.
Bluejay's most advanced project is the Dundas Ilmenite Project
in Greenland, which is fully permitted and being developed towards
production in the near term. The Dundas Ilmenite Project has been
proven to be the highest-grade mineral sand ilmenite project
globally, with a Mineral Resource reported in accordance with the
JORC Code of 117Mt at 6.1% ilmenite and a maiden offshore
Exploration Target of between 300Mt and 530Mt of ilmenite at an
average expected grade range of 0.4 - 4.8% ilmenite in-situ. The
Company has agreed a Master Distribution Agreement with a major
Asian conglomerate for up-to 340,000ktpa of its anticipated
440,000ktpa annual output. The Company's strategy is focused on
securing financing ahead of commencing commercial production at
Dundas in order to create a company capable of self-funding
exploration on its current and future projects.
Bluejay holds two additional projects in Greenland - the 692sq
km Kangerluarsuk zinc-lead- silver project ('Kangerluarsuk'), where
historical work has recovered grades of 41% zinc, 9.3% lead and 596
g/t silver and identified four large-scale drill ready targets; and
the 2,025 sq km Thunderstone project which has the potential to
host large-scale base metal and gold deposits. Bluejay has agreed a
joint-venture agreement with a mining major at its Enonkoski
Project in Finland and has recently signed a binding agreement for
a partial divestment in a fourth Finnish project.
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