|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||0.1200 - 0.1200|
|52 Week Range||0.0610 - 0.2000|
|Beta (5Y Monthly)||1.70|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The big shareholder groups in Bluejay Mining plc ( LON:JAY ) have power over the company. Insiders often own a large...
A mining minnow has won the backing of the Greenland government to dig for ilmenite on the island, after five years of exploration and discussions. Bluejay Mining has been awarded a 30-year exploitation licence for its $245m (£185m) Dundas Ilmenite project in north-west Greenland, classified as the world’s highest grade mineral sand ilmenite project. It is expected to produce 440,000 to 600,000 tons per year. An announcement from the Greenland government is expected today. The mineral is used to help make a range of widespread products including paints, plastics and cosmetics. Prices are increasing due to increased demand as well supply constraints. Bluejay still needs to raise financing for the project but says it is “evaluating a number of options”. It has been in talks with European funding agencies. The governments of both Denmark and Greenland are shareholders in the company, having invested in November 2019 as part of an £11.5m share sale. “I would be surprised if we were not able to fund the vast majority through subsidies and grants,” said Rod McIllree, the company’s chief executive. “I have no doubt we will get this funded on very attractive commercial terms.” Greenland is not a member of the EU but receives EU funding including for sustainable development. The project is expected to create 80 to 120 jobs once up and running. Bluejay wants to start work on the site next year and be in full production by 2022. Climate change has opened up Greenland’s mining industry, as melting ice has opened up shipping routes. Mr McIllree added he was also anticipating completion of an offtake agreement – an arrangement between a producer and a buyer to purchase or sell portions of the producer’s future goods – before the end of the year. “It feels like it has taken a long time but getting a licence in five years is not a bad amount of time,” he added. “It’s just going to be a relief. It’s been a long road and we have pushed really hard.” Bluejay is focused on Greenland, where it is also developing three other projects. Shares have climbed this year from 8.5p to 12.22p.
Just because a business does not make any money, does not mean that the stock will go down. For example, although...