Platina Resources Limited (ASX: PGM) has signed a Memorandum of Understanding (MOU) with a global sales, marketing and supply chain management specialist to assess scandium product and market development for the Platina Scandium Project (PSP) in New South Wales.
Under the terms of the MOU, Traxys Europe S.A will assist Plana to develop a strategic product, a market and marketing plan as well as helping to arrange funding, in return for which Traxys will be granted long-term exclusive marketing and distribution rights to the scandium products produced from the PSP.
Traxys Europe is a wholly-owned subsidiary of Traxys S.A.R.L, which has a successful track record in serving and growing global markets for strategic materials and decades of experience and expertise in a variety of minor, specialty and industrial metals. Traxys has a network of over 20 offices worldwide and ~$8 billion of annual revenue.
Plana Managing Director Corey Nolan said it was a significant step in moving the PSP forward.
“While the solid oxide fuel cell industry has been the dominant consumer of scandium in recent years, the metal’s greatest value is as an aluminium alloy,” Mr Nolan said.
“Scandium can produce stronger, more heat tolerant, weldable aluminium products which are being increasingly incorporated into transportation applications for electric vehicles and lowering fuel efficiency requirements.
Plana and Traxys will work on determining the optimal paths for exploiting this significant market opportunity and other segments by leveraging Trayxs’s global network aiming to bring the PSP into production as quickly as possible,” he added.
The transaction was initiated and supported by New York based financial advisor Jett Capital Advisors LLC, a leading independent boutique investment bank servicing international public and private companies with a specialised focus on the natural resource sector.