Bluejay Mining turns focus to its Greenland Project
Bluejay Mining said on Wednesday that its pre-tax losses rose to £785,377, primarily due to administrative expenses over the first half of the year, marking a 69% increase from the £385,724 it had reported at the midway point of 2016.
Bluejay Mining
0.30p
16:55 23/04/24
FTSE AIM All-Share
754.87
17:14 23/04/24
Industrial Metals & Mining
6,690.01
16:59 23/04/24
The company posted a basic loss per share of 0.113p.
Independently verified work on Pituffik, its Greenland asset, showed it to be the highest-grade ilmenite mineral sand project globally.
Ilmenite is mined for titanium dioxide production.
Chief executive, Roderick McIllree said, "Our Pituffik titanium project in Greenland is an exceptional deposit in the heavy mineral space.
"The local deposition and high concentration factors provide competitive advantage with respect to material movement and throughput at the processing level.
"This combined with the un-weathered state of the ilmenite, low impurity levels and smaller front-end capital costs all add to the natural advantages we have with this deposit."
The company had a net cash balance of £5.76m as of 30 June after an oversubscribed placing for £3.5m in June.
As of 0900 BST, Bluejay shares had edged forward 2.54% to 18.20p.