As part of its plan to develop export markets, Alberta-listed Hedman Resources has concluded a territorial agreement with Contemporary Trading Establishment (CTE), a Saudi Arabian agent. The agreement covers all of Saudi Arabia, including the Gulf co-operation countries.
CTE is obligated to buy $1.2 million worth of hedmanite products over two years.
Hedmanite is a lizardite mineral powder, used as a filler in the manufacture of brake linings, reinforced plastics, paints and surface coatings. Hedman Resources is in the early stages of applying the mineral to truck block brake pads and cement panels. In addition, testing of hedmanite and its high-heat characteristics in asphalt is under way in Europe.
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