Jangada secures strategic shareholding in Fodere Titanium

Natural resources company Jangada Mines has secured a strategic shareholding position in Fodere Titanium, it announced on Friday, with its investment into Fodere now standing at £0.47m, representing about 3.6% of Fodere's current capitalisation.

The AIM-traded firm said Fodere developed a process to treat low-grade and complex titanium-bearing feedstock, where existing methods were not suitable, to produce “ultra-pure” high-grade synthetic rutile.

It said the process was a sustainable technology capable of extracting a basket of compounds, primarily titanium dioxide and vanadium pentoxide, and generating “almost zero” waste, providing economic and environmental benefits.

Fodere was currently taking “substantial steps” towards the commercialisation of its pilot project in South Africa, Jangada said, and expected to commission a small industrial plant in the fourth quarter of 2021, with a larger plant to be developed thereafter.

“There can be no doubt that the vanadium, titanium, and iron space is a critical area for future development,” said executive chairman Brian McMaster.

“The evolution of green technologies continually points to the importance of these materials going forward.”

McMaster said Jangada was “extremely lucky” to be in the space, adding that its involvement with Fodere was another step in “the right direction”.

“As we develop our own assets and assist in the development of Fodere's processes, Jangada continues to illustrate that it is developing into a strategic player in an extremely exciting space.”

At 1151 GMT, shares in Jangada Mines were down 5.63% at 6.37p.