MoU for the potential supply of zircon products to Mario Pilato, a leading international supplier of raw materials for ceramics, glass and refractories, from Hyperion’s Titan Project in Tennessee, USA
Hyperion signs MoU for Zircon offtake with Mario Pilato. (Credit: Markus Distelrath from Pixabay)
Hyperion Metals Limited (ASX: HYM) is pleased to announce that it has entered into a non-binding Memorandum of Understanding (“MoU”) with Mario Pilato BLAT S.A. (“Mario Pilato”) for the potential supply of zircon products.
Mario Pilato is a leading international supplier of raw materials for ceramics, glass and refractories, headquartered in Valencia, Spain. The MoU contemplates the commencement of negotiations of a supply agreement between Hyperion and Mario Pilato for an initial five-year term on an agreed market-based pricing methodology for the annual supply of up to 20,000 tonnes of zircon products from Hyperion’s Titan Project, Tennessee, USA.
The benchmark price for Zircon is currently reported to be over US$2,000 per tonnei (CIF, China), up approximately 40% since Q1 2021, driven by significant global demand, including from China, and limited available new supply. Zircon is used for various applications, including traditional industries such as ceramics, refractories and foundries, as well as new applications including in additive manufacturing and semiconductors.
Hyperion holds a 100% interest in the Titan Project, covering ~11,100 acres of titanium, rare earth minerals and zircon rich mineral sands properties in Tennessee, USA. Hyperion’s maiden mineral resource estimate has confirmed that the Titan Project is one of the largest and most important critical mineral deposits in the U.S., with a high in-situ value underpinned by a product assemblage of high value zircon, titanium minerals and heavy and light rare earth elements. The shallow, high grade and unconsolidated nature of the sandy mineralization enables the potential for simple mining operations such as dozer push followed by an industry standard mineral processing flowsheet.
Hyperion is currently completing a scoping study at the Titan Project, which is due for completion in the coming months and will further inform zircon supply volumes, product quality and pricing to Mario Pilato.
Anastasios (Taso) Arima, CEO and Managing Director said:
“We are excited to be working with Mario Pilato, an industry leader in zircon products, including the production of ceramics, to develop a long term supply agreement from the Titan project.
The large scale and high quality critical mineral assemblage at the Titan Project, including the potential to produce significant quantities of high quality, high value zircon, provides the opportunity for the Company to deliver compelling economics in our upcoming scoping study.”
Source: Company Press Release