Vitrinite is pleased to announce that it has signed a binding investment agreement to join forces with ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) for the rapid advancement of the company’s flagship Karin deposit (the Karin Project). 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.
Mr Nick Williams, founder and managing director of Vitrinite said “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 is a decision that is based on a number of significant factors, such as, a shared vision for the future and a genuine alignment of cultural values. The investment agreement is also a very strong validation of the quality of the coal to be produced and value-add to this asset”.
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