The directors of Industrial Minerals Corporation Limited (IDM) are pleased to announce that its wholly owned subsidiary Oregon Resources Corporation (ORC) has entered into a Memorandum of Understanding (“MOU”) with HA International Inc. The MOU is the first of several envisaged agreements evolving from a mutual desire to establish a long term relationship encompassing collaboration on blended product formulation, trademarks & intellectual property co- ownership and exclusive marketing and distribution. HAI will be the exclusive distributor of the ORC chromite to the foundry market in North America. HAI will facilitate establishing business relationships between ORC and other Huettenes – Albertus companies world-wide. Product pricing will be in accord with ORC ex plant pricing model. HAI will have exclusivity for 20,000 tons and above for the North American market. ORC will be responsible for product quality in accordance with mutually agreed specifications.
HIA is a joint venture company between Hüttenes Albertus (HA) and Hexion Specialty Chemical Company, which serves the North American foundry industry as the largest supplier of products for core/mold production. HAI’s owners are highly integrated in the global chemical industry: Hüttenes Albertus supplies the global foundry industry through a network of subsidiary and affiliated companies, and Hexion is the largest producer of Formaldehyde and Phenolic resins in North America. HAI offers the North American foundries the most comprehensive range of products supported in three market segments: Resins Systems for bonding sand; Resin Coated Sand for the shell process; and Refractory Coatings.
The Company’s Chief Executive Officer, Philip Garratt said, “This agreement is the culmination of a strong relationship and shared vision with the HIA team and is the first step in a long term mutually beneficial collaboration. This is a strategically important and commercially valuable relationship and one, which we are confident will assist in the project funding process. A component of our strategy is to create, brand and market a suite of unique chromite based blends, each offering the customer a quality and value proposition not available in the current market”.
www.industrialmineralscorp.com.au
