Vitrinite has signed a binding investment agreement to join forces with a Japanese company - ITOCHU Corporation.
|Image credit: Vitrinite|
As part of the investment terms with ITOCHU, Vitrinite has agreed to grant ITOCHU exclusive global marketing rights for the coal product from Karin Project. The deposit - part of the larger Karin project in the Bowen Basin - has exceptional coking coal properties, with clean seams and banded seams up to 4.5m thick and 16m thick, respectively.
Currently, coking coal is in high demand from the international steel industry, particularly in China, Japan, India and South Korea.
Mr Nick Williams, founder and managing director of Vitrinite commented that after carefully considering a number of options to join forces with a number of high quality global strategic partners, the decision to join forces with ITOCHU was "a decision that was based on a number of significant factors, such as a shared vision for the future and a genuine alignment of cultural values".