China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Bluejay Mining (LON: JAY) said Monday that it will take full ownership of the Enonkoski nickel-copper-cobalt project in Finland, as its joint-venture agreement with Rio Tinto has ended.
The London-based mineral exploration and development company said that along with the 100% project ownership, it will retain all data, samples and drill cores collected in the past 20 months.
Bluejay said it would now focus on assessing numerous as-yet-untested targets that have been identified along the Enonkoski Belt.
The company will begin follow-up drilling in August to establish an initial mineral resource estimate for Hammaslahti’s east vein.
Bluejay said it plans to conduct detailed ground gravity and airborne magnetic surveys at the Outokumpu copper-zinc-nickel-cobalt-silver-gold project to advance the “high priority” targets.
Bluejay JV and earn-in agreement with Rio Tinto could have seen the world’s second-largest miner earn up to a 75% interest in the Finnish project.
The company said Rio Tinto invested $4.7 million over the duration of their collaborative work.
The past-producing Enonkoski mine churned out 6.7 million tonnes at an average grade of 0.8% nickel between 1984 and 1994 and it sits within its namesake belt, which also hosts Bluejay’s project.
The mining junior also has projects in Greenland, which has seen increased interest from miners as thawing sea ice attributed to climate change opens up shipping routes and exposes mineral riches. The phenomenon, however, has the country’s population divided, with some worried about the loss of tradition, while others embrace development.
