Update on Investment in Fodere Titanium

RNS Number : 9498T

Jangada Mines PLC

24 July 2020

 

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

24 July 2020

Jangada Mines plc

Update on Investment in Fodere Titanium

Jangada Mines plc ('Jangada' or 'the Company'), a natural resources company, is pleased to announce positive progress on a USD100,000 investment it made in Fodere Titanium Limited ('Fodere') in 2019, a UK registered clean technology company that is developing environmentally sustainable and highly innovative technology to extract high value metals from the titanium, vanadium, iron and steel industries.

Fodere provides the mining and resource extraction industries with an environmentally friendly, zero-waste solution to recover economic minerals from what are otherwise waste products, such as environmentally unfriendly tailings, that other companies cannot treat because they are unable to remove the containments.  The recovered minerals then become saleable products that provide financial benefits to all stakeholders. One of the Company's Non-Executive Directors, Nick von Schirnding, is Chairman of Fodere.

Since Jangada made its initial investment in Fodere in late 2019, Fodere has made significant advances towards establishing its initial small-scale industrial plant in South Africa, which processes vanadium and titanium dioxide tailings; Fodere has secured feedstock for a minimum of 10 years and is currently negotiating offtake agreements.  Additionally, Fodere has recently received conditional approval for a loan finance facility through an African focused development bank, the proceeds of which will be sufficient to build its initial plant and commence operations. 

Additionally, being a shareholder in Fodere has allowed Jangada to access data, information and "forward thinking" ideas that are leading the way in the optimal use of waste by-products in the titanium, vanadium, iron and steel industries.  Not only is this important from the perspective of environmental responsibility, it is also important for Jangada to help inform design decisions on how to optimise the revenue generation potential from Jangada's projects.  Jangada sees the benefits of being associated with Fodere to be multi-faceted as its programme develops.

Brian McMaster, Executive Chairman of Jangada, said: "We are delighted with the very positive progress Fodere has made since our initial investment.  There are clear synergies between their operational focus and our own, given that they provide an economic environmental waste solution to the titanium, vanadium, iron and steel industries.  Nonetheless, the reason we decided to invest in their company is the undeniable value in their business model, both from an environmental and an economic perspective.  Additionally, associating ourselves with thought leaders in the field, bodes well for our understanding of how to extract maximum value from our projects.  Fodere is able to process and ultimately clean-up environmentally unfriendly mining waste, that other companies typically cannot treat because they are unable to remove the containments, and produce them into a saleable product with zero waste.  We believe there is significant demand for a solution such as Fodere's and look forward to continuing to support the company as they build their market position and reach."

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)	Tel: [phone]
Strand Hanson Limited (Nominated & Financial Adviser)	James Spinney Ritchie Balmer Jack Botros	Tel: [phone]
Brandon Hill Capital (Broker)	Jonathan Evans Oliver Stansfield	Tel: [phone]
St Brides Partners Ltd (Financial PR)	Charlotte Page Beth Melluish	Tel: [phone]

 

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