Conway on one of the most ubiquitous minerals on earth

Thomas Conway, President, CEO and Director of I-Minerals Inc. (TSXV: IMA | OTCQB: IMAHF) in an interview with InvestorIntel Sr Editor and analyst Peter Clausi discuss the Bovill quartz project. Lodged in the Bovill Kaolin deposit in Idaho are four industrial minerals that are used in everyday products. Namely: quartz. Don’t tell the kids, this is not the kindergarten sandbox stuff. I-Minerals only deals with the kind of quartz that is required for high-end applications like LED lighting and the computer/phone/tablet screen you’re reading this on.

Peter Clausi: Tom, I did some research on your company and I’m really impressed.

Thomas Conway: Well, thanks. It’s quite a different play. Most unlike conventional mining in that we have four unique industrial minerals, which are used in everyday life and so people are familiar with them, but they don’t recognize it because they’re in products that they use every day, but they don’t really know what minerals go into them.

Peter Clausi: Right. I see your main product is quartz. Other than my bathroom countertop, what do I use quartz for in my everyday life?

Thomas Conway: Well, there’s quartz and there’s quartz. It’s one of the most ubiquitous minerals on earth and it sells for about $25.00 a ton to $20,000.00 depending on the application.

Peter Clausi: Where does it trade? Is there a market like a London Metals Exchange?

Thomas Conway: No it does not trade. This is highly secretive and everything goes under contract. The largest company is Sibelco Unimin. They have pretty much a monopoly on the very high-end $1,000.00 plus type quartz which goes into computer applications. Like the screen we’re looking at, like on my iPad, is high-end quartz as all the chips that come out of that or you can use it for making mundane things, like making a regular float glass or golf course sand or kids sandboxes. These things trade over a very wide range, but every mineral we have here is not LME traded. The pricing, particularly for the quartz, is quite opaque.

Peter Clausi: It’s a lot like graphite and some forms of manganese, they trade off an exchange.

Thomas Conway: That’s correct. We have K-spar, which is not, again, exchange traded. We have Halloysite, which is very high valued clay, which is quite unique. Then we’ve got Metakaolin, which is another clay product and again, that goes into the cement industry. Some of those, you know, you have a little bit better understanding of price, but I would say all this stuff is very, very opaque…to access the complete interview, click here

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