FinnAust Mining edges towards Greenland production

FinnAust Mining was looking for a year of wins on Wednesday morning, as it continued its work to extract titanium products from a Greenland coastal site.

The AIM-listed exploration company, with operations in Finland and Austria, updated the market on recent work at the 126 square kilometre Pituffik Titanium Project.

FinnAust had only recently acquired the project, and the work was focused on defining areas likely to host economic mineralisation.

The primary constituent of the Pituffik limenite was titanium, the firm said, which it anticipated would see a boost in demand from the growth in 3D titanium printing, as well as the use of titanium dioxide as a white pigment in paint products.

FinnAust took 171 samples from across 28km of shoreline, and 69 from the drowned beaches at Pittufik.

It expected results in the first quarter of this year, with an expectation to finalise initial off-take agreements before the end of the year.

FinnAust has also commissioned GEUS to define the simplest and most appropriate metallurgical process to concentrate the Pituffik ilmenite into a saleable product, as well as prepare a pure ilmenite concentrate for distribution to potential customers in the next three months.

"As demonstrated by the (report), a large amount of high quality work has been undertaken to date on this project and FinnAust and its shareholders are the direct beneficiaries of this", said managing director Roderick McIllree.

"The potential of this very pure titanium occurrence is clear and attractive to us; the path to generating consistent cash flow is simple and well-understood by the industry with little to no metallurgical complexity or processing problems", he added.