Britannia Mining, a UK based mining development Company, announced today that SGS, the world’s leading inspection, verification, testing and certification company has tested samples of the Malaysian ready mined iron ore stockpiles — secured by Britannia — yielding results that substantiate the Company’s strategy to supply steelmakers.
“As there are few ores that can be added directly into a blast furnace for steel making,” said Kenneth Roberts, CEO of Britannia Mining, “these results have not only validated our immediate iron ore supply, but also opened up additional revenue opportunities; namely increased product supply and value adding R&D potential.”
“Between the two Malaysian ‘ready mined’ deals secured in March, Britannia now has 1.2 million metric tons (Mt) ready for distribution on a yearly basis. With opportunities increasing, these results could not have come at a better time.”
Having to first wait for the test results to determine the grade and viable uses for the iron ore, Britannia is now well positioned to begin generating near term revenues. With two 6,000,000 metric ton distribution deals in place spanning mines in both East and Western Malaysia, the Company has the ability to distribute 100,000 Mt of ready mined iron ore, per month, for the next 10 years. Likely to begin distribution in the 4th QT; due to the results of SGS chemical analysis, Britannia has been able to prospect and identify at least 10 additional suppliers who had not been considered prior to the SGS results.
Mr. Roberts continued, “If we combine our new distribution opportunity with carbon reducing strategies and the capability of new technologies, we will be able to better assist those iron ore producers in moving towards adding value. This in turn, increasing efficiency and delivering social and environmental responsibility. Our upside here is tremendous.”
Roberts concluded “With the opportunity to export imminent, coupled with longer term onshore processing initiatives, the opportunity in Malaysia could realize more than our initial expectations.”