Investment in Sustainable Minerals Technology Co.

RNS Number : 4535N

Jangada Mines PLC

01 February 2021

 

The following amendments have been made to the 'Investment in Sustainable Minerals Technology Co. ' announcement released on 29 January 2021 at 10:05 under RNS No 3649N.

The Company has included information on selected financials of Fodere Titanium.

All other details remain unchanged.

The full amended text is shown below.

Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining

29 January 2021

Jangada Mines plc ('Jangada' or 'the Company')

Increased Investment in Sustainable Minerals Technology Group

Jangada Mines plc, a natural resources company, is pleased to announce it has secured a strategic shareholding position in Fodere Titanium ("Fodere"), an innovative and market leading company focussed on producing titanium dioxide and vanadium from waste materials.  Jangada's investment into Fodere now stands at £465,000 or 10,000 shares, representing approximately 3.6% of Fodere's current capitalisation.

UK registered Fodere (www.foderegroup.com) has developed a process to treat low-grade and complex titanium-bearing feedstock, where existing methods are not suitable, to produce ultra-pure high-grade synthetic rutile. The process is a sustainable technology capable of extracting a basket of compounds, primarily titanium dioxide (TiO₂) and vanadium pentoxide (V₂O₅) and generating almost zero waste, providing economic and environmental benefits. One of the Company's Non-Executive Directors, Nick von Schirnding, is Chairman of Fodere.

Fodere is currently taking substantial steps towards the commercialisation of its pilot project in South Africa and expects to commission a small industrial plant in Q4 2021; a larger plant will be developed thereafter.

Not only does Jangada's investment in Fodere provide access to forward thinking experts, technology, and waste improvement processes, it is also consistent with the Company's approach to developing vanadium, titanium and iron resources in a substantiable and environmentally friendly way.  Furthermore, on basic commercial grounds, Jangada expects the investment to be commercially beneficial.

For the year ended 31 December 2018, Fodere Titanium Limited reported current assets of £266,633, a net liability position of £2,582, and generated a loss after tax of £1,466. Fodere is currently in the process of preparing its accounts for the year ended 31 December 2019 and expects these to be available in the coming months.

Brian McMaster, Executive Chairman of Jangada, said: "There can be no doubt that the vanadium, titanium, iron space is a critical area for future development.  The evolution of green technologies continually points to the importance of these materials going forward.  Jangada is extremely lucky to be in this space and our involvement with Fodere at this juncture is 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.  We look forward to updating shareholders as the year progresses."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

**ENDS**

For further information please visit www.jangadamines.com or contact:

Jangada Mines plc	Brian McMaster (Chairman)	[e-mail]
Strand Hanson Limited (Nominated & Financial Adviser)	James Spinney Ritchie Balmer Jack Botros	[e-mail]
Brandon Hill Capital (Broker)	Jonathan Evans Oliver Stansfield	[e-mail]
St Brides Partners Ltd (Financial PR)	Isabel de Salis Beth Melluish	[e-mail]

 

END

 

 

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