Positive German broker note for Bluejay25 Oct 2019 03:58
From Bluejay's RNS yesterday - "We visited Bluejay's advanced-stage flagship Dundas Titanium Project in Northwest Greenland a few days ahead of the early September shipment of a 42,000 tonne bulk ilmenite sample (ilmenite is a titanium-containing mineral) to Canada for concentration and subsequent evaluation by potential customers including Rio Tinto. Later in September, Bluejay submitted a mining license application for the project, including a full pre-feasibility study, to the Greenlandic authorities. The homogeneous, high-grade, coarse-grained, unweathered nature of the ore body at Dundas simplifies extraction and suggests a bright future for the project despite the harsh high-arctic operating environment. Our recommendation is Buy with a price target of GBp21.80. In this initiation of coverage, we have not modelled any value, which could prove considerable, for either the Disko or Kangerluarsuk projects."
So they have a target s/p twice the current one (present Mcap £90m) and are not pricing anything in for Bluejay's other projects. It would be nice if we could jump on the bandwagon and share Bluejay's loading facilities in future. I wouldn't imagine the costs would be huge thereafter for other plant and equipment and worker's living quarters? I hope Rio et al like the ilmenite.