Greenland is traditionally associated with cold weather and wildlife. With strict environmental laws and a harsh year-round climate, it does not normally attract much mining interest.
But Rod McIllree, an intrepid Australian geologist, has been working in the country for 11 years, the last three of which have been spent developing one of the largest and highest-grade ilmenite projects in the world.
Ilmenite is used to make titanium dioxide, a pigment that is an essential component of white paint. Titanium dioxide is also deployed as a colouring in sunscreens, make-up and food and has a variety of industrial uses, too.
After the financial crisis, when economic growth stalled, titanium dioxide prices fell and several mines cut production or ceased operating. Now, global supplies are constrained and prices are rising, at between $200 (£153) and $300 per ton, against a low of just $70.
The price range depends on the quality of the mineral deposits and Bluejay’s are exceptionally high quality.
