Bluejay to broaden into helium and industrial gases

19th Apr 2024 09:16

(Sharecast News) - Bluejay Mining announced a strategic decision to broaden its corporate scope, expanding into the exploration and development of helium, industrial gases, and hydrocarbons, on Friday.

The AIM-traded firm said the move was part of its commitment to innovation and growth in the natural resources sector, with a focus on maximising value for shareholders.

It said that in response to increasing global demand for helium and industrial gases in critical sectors such as healthcare, aerospace, and energy, it was aiming to capitalise on potential opportunities in those markets.

The expansion would complement its existing exploration and development projects, which focus on copper, nickel, and other battery metals crucial to industries including renewable energy and electric vehicles.

Under the supervision of its new management team, Bluejay said it had identified strategic assets including Disko-Nuussuaq, Dundas, Hammaslahti, and Kangerluarsuk over the last three months.

While continuing to assess potential base and battery metals opportunities in its current operating jurisdictions, the company said it was also streamlining its Finland portfolio to achieve further cost savings.

Any potential acquisition in the industrial gas sector would add significant value to Bluejay's existing portfolio of mineral assets.

The board said it expected to provide updates on its Finland portfolio rationalisation soon, as it progressed with its strategic expansion into helium, industrial gases, and hydrocarbons.

"Our decision to consider opportunities in the helium, industrial gas and hydrocarbon space has come about through the identification of a number of very compelling, large-scale opportunities, which the company believes warrant further consideration," said chief executive officer Eric Sondergaard.

"These potential opportunities align perfectly with our ultimate goal of creating significant shareholder value."

Sondergaard said that with the new board and management team fully incentivised to create value, the new strategy would complement the company's existing portfolio of battery metal projects, namely Disko-Nuussuaq, Dundas, and Hammaslahti.

"It is important to note that while we are actively exploring these opportunities, no decision has been made on any potential acquisition."

At 0807 BST, shares in Bluejay Mining were up 3.23% at 0.32p.

Reporting by Josh White for Sharecast.com.