13th Nov 2019 14:19
(Alliance News) - Vanadium firm Jangada Mines PLC has identified potential routes to export production from the Pitombeiras project in Ceara, Brazil, it said on Wednesday.
London-based Jangada, following a logistics study, could either export ore from the Brazilian ports of Fortaleza or Pecem to two unnamed main Chinese ports. This would bring a cost of USD84.64 per wet metric tonne for Fortaleza, and USD90.02 per wet metric tonne for Pecem.
The other option is to send ore to the Companhia Siderurgica de Pecem in Ceara refinery at a cost of USD36.00 per wet metric tonne.
Chair Brian McMaster said: "The logistic analysis has demonstrated that Pitombeiras is well located to reach overseas markets through both the Pecem and Fortaleza seaports in Ceara state, which are within the Ceara free trade zone, an industrial free trade area for exporting companies' facilities.
"Importantly, they provide tax and exchange benefits, and simplified administrative procedures, which positively impact the product's selling margins and bring additional competitive advantages to Jangada."
Jangada shares were 0.6% lower in London on Wednesday afternoon at a price of 1.82 pence each.
By George Collard; [email protected]
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