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Empire Metals on way to determining "globally significant" titanium discovery
Geological anomaly discovered last year
Siobhan Lismore-Scott
Empire's Pitfield project sits among the wheat fields of Western Australia. Credit: Chris de Blank, via Shutterstock
09 February 2024
https://www.mining-journal.com/bulks/news/4172449/empire-metals-determining-globally-significant-titanium-discovery
Empire is in the process of ticking all the boxes
Multiple investors buying in - including Saudis and Western Australin government
Directors also buying in accumulating their stake recently
Titanium specialists being hired, coming onboard imminently
Various links to major Tier-1 producers
Shaun Bunn, Managing Director, said: "I am delighted to announce the appointment of Ms. Marriott, who brings with her a wealth of experience and who will be a great addition to our growing project development team. Building our in-house technical expertise and investing in the right talent is key as we look to accelerate the economic assessment and development of the Pitfield Titanium Project. I am also extremely pleased that Dr Trevor Nicholson and Mr. Eugene Dardengo, two highly regarded titanium industry technical specialists will be joining the team as consultants."
"Ms. Marriott's appointment as Process Development Manager is a key milestone for the Company and significantly bolsters our project team's processing and project development capabilities. This appointment, along with the appointment of the two senior titanium industry technical consultants, ensures we have the expertise required to successfully develop and execute our project development plans. The timing could not be better, having recently announced (5 February 2024) that we are commencing resource drilling at Pitfield to delineate high-grade, shallow zones of titanium mineralisation, and to provide key samples for mineralogical and metallurgical characterization."
Taking a stake of £ 2.5-3.0 Million pounds in Empire / Pitfield is significant.
I guess the continuous 5-7% TiO2 grades over an enormous area until depth is really attractive to a lot of investors combined with potential for good infrastructure and safe mining jurisdiction Australia.
A lot of mining exploration companies have to do with a lot less to be honest.
I read somewhere Saudi strategic investor Fahad Al Tamimi has been involved for over 30 years in various major Middle East business projects of energy, infrastructure, mining and transportation. He is employing around 5,000 people throughout various companies and partnerships across the natural resources / oil and gas sector, mining, trading, shipping, port infrastructure, etc. At some point it was estimated his company provided even 60-70% of all engineering work for world's largest oil company Saudi Aramco.
Make no mistake: This is a major investor taking a 3 Million GBP strategic stake in Empire Metals - at least for now.
But who knows this is only the beginning of the journey and possibly more to follow soon.
I would not be surprised if throughout the course of this year also other major investing companies would want a stake of the pie.
Following this purchase, Mr Shaun Bunn's total beneficial ownership in the Company is 2,211,111 Ordinary Shares representing 0.39% of the Company's issued share capital, Mr Gregory Kuenzel's total beneficial ownership in the Company is 3,858,578 Ordinary Shares representing 0.68% of the Company's issued share capital, and Mr Peter Damouni's total beneficial ownership in the Company is 1,309,614 Ordinary Shares representing 0.23% of the Company's issued share capital.
The current global titanium market size is roughly USD 28 billion and is expected to have doubled by 2032, only 8 years from now. Who will be supplying this as the existing mines slowly will get depleted and you need massive deposits to replace them. Which of the global major players would like a stake in the global market share?
Every bit helps
https://www.reuters.com/markets/commodities/chinese-titanium-producers-expect-boost-new-iphone-2023-09-13/