On Thursday, White Mountain Titanium Corp. reported that they entered into their first off-take agreement with a major international pigment producer for the supply of natural rutile concentrate from the Cerro Blanco project.
Mr. Mike Kurtanjek, White Mountain Titanium Corp.’s President and Chief Executive Officer said, “Signing this first off-take agreement represents another important milestone for the Company. Whilst off-take deliveries are dependent on us completing a positive feasibility study and arranging production finance, our product is finding acceptance in the market place and this acceptance is coming at a time of feedstock supply shortages and robust rutile prices.”
With this agreement, the pigment producer will purchase 25,000 tonnes annually of the Company’s standard grade, natural rutile concentrate at $1200 per tonne FOB port. This price is reflective of current market competitive pricing. Deliveries must start no later than September 2014 and would run to December 2016. The term of the agreement may then undergo extension through mutual agreement.
White Mountain Titanium Corp. management is in active discussions with other titanium pigment in addition to metal and welding rod producers for the supply of all three grades of Cerro Blanco concentrate.
Headquartered in Santiago, Chile, White Mountain Titanium Corp. holds mining concessions on the Cerro Blanco property. They hold 33 registered mining exploitation concessions and five mining exploration concessions in the process of being constituted. This is over approximately 8,225 hectares located approximately 39 kilometers west of the City of Vallenar in the Atacama, or Region III, geographic region of northern Chile.
Their principal objectives are to advance the Cerro Blanco project towards a final engineering feasibility, and to secure off-take contracts for the planned rutile concentrate output. Their intention is to sell the rutile concentrate to titanium metal and pigment producers. Work also continues to investigate the commercial viability of producing a feldspar co-product. This feldspar could find applications in the glass as well as ceramics industries.
For more information visit: www.wmtcorp.com
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