Platina joins with Traxys to advance Scandium Project
Perth, Sep 24, 2019 AEST (ABN Newswire) - Platina Resources Limited (
ASX:PGM) (P4R:FRA) (PTNUF:OTCMKTS) has signed a Memorandum of Understanding ("MOU") with Traxys Europe S.A to cooperate and work together to assess scandium product and market development, and to assist with arranging potential funding for the Company's Platina Scandium Project (the "PSP") in New South Wales; Australia.
Under the terms of the MOU, Traxys will assist Platina to develop a strategic product, a market and marketing plan and with arranging funding, in return for which Traxys will be granted long-term exclusive marketing and distribution rights to the scandium products produced from the PSP.
The MOU will be valid for six months, unless terminated or extended, during which Platina and Traxys will work together to prepare binding documentation for a multi-staged cooperation agreement, and a marketing and distribution agreement with a future working capital component.
Traxys Europe is a wholly-owned subsidiary of Traxys S.A.R.L., a global leader in sales, marketing, sourcing, and supply chain management in the metals, minerals and mining industries (www.traxys.com). Traxys has a successful track record in serving and growing global markets for strategic materials and decades of experience and expertise in a variety of minor, specialty and industrial metals. Traxys has a network of over 20 offices worldwide and ~$8 billion of annual revenue.
Platina Managing Director Corey Nolan said it was a significant step in moving the PSP forward.
"While the solid oxide fuel cell industry has been the dominant consumer of scandium in recent years, the metal's greatest value is as an aluminium alloy" Mr Nolan said.
"Scandium can produce stronger, more heat tolerant, weldable aluminium products which are being increasingly incorporated into transportation applications for electric vehicles and lowering fuel efficiency requirements. Platina and Traxys will work on determining the optimal paths for exploiting this significant market opportunity and other segments by leveraging Trayxs's global network aiming to bring the PSP into production as quickly as possible," he added.
The transaction was initiated and supported by New York based financial advisor Jett Capital Advisors LLC ("Jett"). Jett is a leading independent boutique investment bank servicing international public and private companies with a specialized focus on the natural resource sector.
About Platina Resources Limited
Platina Resources Limited (ASX:PGM) (OTCMKTS:PTNUF) is an Australian-based company focused on returning shareholder value by advancing early-stage metals projects through exploration, feasibility, permitting and into development.
The Company has interests in the following projects:
- Platina Scandium Project (100% interest) - located in central New South Wales, the project is one of the largest and highest-grade scandium deposits in the world, which has the potential to become Australia's first scandium producer with cobalt and nickel credits. A Definitive Feasibility Study was completed in late 2018 demonstrating the technical and economic viability of constructing the project. The Company is now focused on completing the permitting and securing offtake and financing.
- Skaergaard (100% interest) - One of the world's largest undeveloped gold deposits and one of the largest palladium resources outside of South Africa and Russia, located in Greenland;
- Munni Munni (30% interest) - Situated in the Pilbara region of Western Australia, the project is one of Australia's most significant Platinum Group Metal occurrences. Munni Munni also has potential for conglomerate hosted gold and is a Joint Venture with Artemis Resources Limited; and
- Blue Moon (to earn a 70% interest) - Located in California, U.S.A, the project is subject to a Nl 43-101 Mineral Resource estimate. The resource is open at depth and along strike and has favourable metallurgy.
For more information please see: https://www.platinaresources.com.au
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