Strandline completes Fungoni sales with rutile offtake

MINERAL sands contender Strandline Resources has secured all revenue for its planned Fungoni project in Tanzania and is now advancing financing for the US$30 million development.

Strandline completes Fungoni sales with rutile offtake Strandline completes Fungoni sales with rutile offtake Strandline completes Fungoni sales with rutile offtake Strandline completes Fungoni sales with rutile offtake Strandline completes Fungoni sales with rutile offtake

The latest offtake deal covers all the rutile to be produced and follows already established zircon-monazite and ilmenite sales from the zircon-rich project.

The rutile counterparty is Industrial Minerals and Metals, with the revenue from the production contributing about 10% of the receipts expected to head Strandline's way from Fungoni.

Total life-of-mine revenue of $168 million and earnings of $98 million have previously been modelled for Fungoni, which the ambitious Strandline sees as the first development in a pipeline of projects in Western Australia and Tanzania.

The signing of the final offtake agreement comes two weeks after Strandline appointed Azure Capital to secure financing for the project.

Shares in Strandline were unchanged at A15.5c in...

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