Jangada Mines PLC (AIM:JAN) has said it remains confident about the potential of its Pitombeiras project in Brazil and “is just waiting for the right pricing environment to push the button on its development”.
Pitombeiras contains iron ore, vanadium, and titanium with a US$96.5mln post-tax net present value but the project is dependent upon favourable iron ore market conditions, Jangada noted.
Iron has been recovering, with the price up to US124 currently from its recent low of US$79 per ton (/t) but it is still some way short of the US231/t hit in May 2021.
Discussions are still live with Brazil-based offtake partners, though Jangada said it has not progressed the titanium to feasibility status because, without an off-take arrangement for the iron ore, the metal is inaccessible
In addition to Pitombeiras, Jangada has investments in Blencowe Resources (graphite) and Fodere Titanium.
In a corporate update, Jaganda executive chairman, Brian McMaster, noted: ”The investments in Blencowe and Fodere both look extremely exciting, and the company's acquisition and investment pipeline remains highly active, with a deal anticipated in the coming months.
“We maintain a strong treasury, with the ultimate aim being to deliver shareholder value in spite of individual challenges and price volatility, and the board remains highly incentivised owning 42.7% of the equity in the company. “