Bluejay Mining PLC VAT Repayment Received (1176W)
December 20 2021 - 2:00AM
UK Regulatory
TIDMJAY
RNS Number : 1176W
Bluejay Mining PLC
20 December 2021
Bluejay Mining plc / EPIC: JAY / Market: AIM / Sector:
Mining
20 December 2021
Bluejay Mining plc ('Bluejay' or the 'Company')
VAT Repayment Received
Bluejay Mining plc, the AIM, FSE listed and OTCQB traded
exploration and development company with projects in Greenland and
Finland, is pleased to provide an update on the VAT Tribunal and
Upper Tribunal appeal made by HMRC as announced on 15 July 2021.
The Company has now received, in full, the disputed VAT refunds due
to it under the tribunal hearing process for the period 2012-2021
with HMRC also withdrawing the last outstanding objections to the
remaining VAT claims.
Importantly, this formal withdrawal by HMRC from the Upper
Tribunal appeal, means the case is now closed, thereby allowing the
Company to continue to reclaim VAT on its activities in connection
with it's projects in Finland and Greenland. Bluejay has now
received all the more than GBP1 million owed and expects its
subsidiaries to successfully submit future VAT reclamations. This
is an important outcome for Bluejay in that the consequence of not
being able to reclaim VAT refunds would mean the Company would be
subject to 20% increased costs across the board on its activities
moving forward.
This case also reinforced an important precedent with respect to
the tax treatment of overseas subsidiaries for the mining and
exploration sector.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018.
For further information please visit
http://www.bluejaymining.com or contact:
Roderick McIllree/ Bluejay Mining plc enquiry@bluejaymining.com
Kevin Sheil
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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 four globally respected entities as partners, customers,
co-investors as well as the recent appointment of a European global
bank as lead arranger for the Dundas financing, 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.
**ENDS**
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