Hudson Signs 10-Year Global Supply Agreement for the White Mountain Anorthosite Project
July 30, 2015 (Source: Marketwired) — HUDSON RESOURCES INC. (the “Company”) – (TSX VENTURE:HUD)(OTCQX:HUDRF) is pleased to announce that it has entered into a binding purchase agreement with a previously disclosed (NR2014-04), large North American materials company for the supply of Hudson’s White Mountain anorthosite product, to be used in the production of fiberglass.
The purchase agreement establishes a minimum 10-year commitment for significant annual purchase of the product. Hudson will be a global supplier, providing anorthosite as a feed material to the company’s fiberglass plants around the world.
Hudson expects to commence product shipments in the second half of 2016, subject to final permitting, financing and mine commissioning in Greenland.
James Tuer, Hudson’s President, stated, “Concluding our first off-take agreement with one of the world’s leading building materials companies is a major milestone for Hudson. Following more than two years of due diligence and testwork, the company has concluded that our White Mountain anorthosite can meet its exacting specifications. This supply agreement will cover a major portion of our initial planned production of 200,000 tonnes per year, and will provide a strong foundation for our business of supplying anorthosite to fiberglass producers worldwide.”
The White Mountain project is 100% owned by Hudson. The anorthosite has three potential high value applications that are being investigated, as follows:
- A new source of feedstock to the high-end fiberglass industry;
- A new source of filler and coatings material, which are used by the plastics, paints and paper industries;
- A new source of high-purity specialty alumina.
The Company is rapidly advancing the fiberglass project at White Mountain and expects to commence site preparation this year.
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ON BEHALF OF THE BOARD OF DIRECTORS
James Tuer, President
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements regarding plans for the completion of a financing and the intended terms and use of proceeds thereof, and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include market prices, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>