Agreement with leading pigment producer CRISTAL GLOBAL, Inc.
Nordic Mining has signed a Memorandum of Understanding ("MoU") with the leading international pigment producer CRISTAL GLOBAL, Inc. ("CRISTAL").
The purpose of the agreement is to develop and optimize the production process for rutile resources at Engebø in order to meet the feedstock quality requirements of CRISTAL. Nordic Mining and CRISTAL will cooperate on processing tests and quality requirements relevant for CRISTAL titanium dioxide pigments, and exchange technical expertise for the purpose of the agreement.
Subject to a successful development of the Engebø project and establishment of production processes that meet the requirements of CRISTAL, the parties intend to negotiate the terms and conditions for a long-term supply and offtake agreement for rutile.
"The MoU with CRISTAL is an important confirmation of the significance and potential of the Engebø rutile project in an international perspective," says CEO Ivar S. Fossum in Nordic Mining. "CRISTAL's impressive position and expertise in the pigment industry will be valuable for the further development of the project, and we look forward to the cooperation".
CRISTAL GLOBAL, Inc. (www.cristalglobal.com) is the world's second-largest producer of titanium dioxide and a leading producer of titanium chemicals. CRISTAL GLOBAL operates eight manufacturing plants in six countries on five continents and employs nearly 4,000 people worldwide. CRISTAL GLOBAL, Inc. has played a leading role in developing titanium pigment products and production processes for many years.
Nordic Mining ASA (www.nordicmining.com) is engaged in exploration and production of high-end minerals and metals. Nordic Mining holds rights to a hard-rock rutile resource at Engebøfjellet in Naustdal municipality in Norway, and is in the process of developing the resource with the intention to mine and produce high-grade rutile concentrate. Nordic Mining is currently producing anorthosite from its mine in Aurland, Norway. Further, Nordic Mining is developing a lithium project held by its subsidiary Keliber Oy in Finland, with the intention to produce high-grade lithium carbonate.
For questions please contact CEO Ivar S. Fossum, telephone + 47 - 930 96 850.
Oslo, 1 October 2010
Nordic Mining ASA