Bluejay Mining flags progress with offtake negotiations

(Sharecast News) - Greenland and Finland-focussed exploration and development company Bluejay Mining updated the market on its offtake negotiations for the Dundas Ilmenite in Greenland on Friday.
The AIM-traded firm said the commercial terms of an agreement had been agreed in principle, but the agreement itself was now passing through the final stages of legal review by the counterparty.

It said that, as the counterparty was a "large multinational organisation", the due process for review had been extended.

Bluejay said it was also vital to ensure the "best practical terms available" for Bluejay Mining shareholders were obtained.

"As a consequence, the counterparty has requested that the memorandum of understanding, which covers the finalisation of the agreement, be extended," the board said in its statement.

Both parties had thus agreed a new extension date of 31 December.

"The company will update the market on the status of the offtake negotiations in due course."

At 1328 GMT, shares in Bluejay Mining were up 3.4% at 11.37p.