Australian Vanadium Blessed with Major Project Status

The Western Australian project has been given federal recognition for its importance in developing vanadium resources.

Australian Vanadium’s (ASX:AVL) Western Australian project has been given major project status by the Australian Federal Government in recognition of its classification as a critical mineral.

“Vanadium is on the critical minerals list for Australia and the US, which means there is a market there for this globally significant resource,” said Australian Minister for Resources and Northern Australia Matt Canavan in a release.

“This project will have a significant impact on the Western Australian economy, especially the Meekatharra region with the creation of around 400 direct construction jobs and a further 200 ongoing jobs.”

The company’s project in central Western Australia is backed by a prefeasibility study as well as a total mineral resource estimated to be 183.6 million tonnes grading 0.76 vanadium pentoxide, according to releases from late 2018.

The company talked up the benefits to the project from the Australian government’s decision in its release on Monday (September 9).

“Major project status has been awarded for a period of three years and provides a single point of contact for assistance with navigating the approval process and relevant Government legislation. This streamlined approach has the potential to result in accelerated approvals.”

Australian Vanadium Managing Director Vincent Algar lauded the decision. “Formal recognition of the importance of the Australian Vanadium project to Australia by the Federal Government demonstrates support and gives overseas investors comfort when considering investment in the project, which is already located in a tier one global mining destination.”

Vanadium is a metal between classifications, as it has traditionally been used to strengthen steel, but is increasingly being used in battery technology, which the company has been taking an angle on in its promotion of the project.

Vanadium is listed as a critical mineral by both the United States and Australia — so both nations have an interest in development of mineral resources for the commodity.

Australian Vanadium is sharing the love, with its assets in Australia, and pilot processing to take place in the US according to a September release that detailed developments in ongoing definitive feasibility study work for the project.

On the Australian Securities Exchange, Australian Vanadium was trading up on Monday, with its shares valued at AU$0.015 — up by 7.14 percent on the previous day’s trading.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration (LSE:RIO) (“RTX”) (“Rio Tinto”) and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project ( see Calibre news release dated February 24, 2020 ). The Borosi exploration program is being directed by RTX through a partnership agreement with Calibre as project operator.

Highlights

Keep reading... Show less

FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

Keep reading... Show less

Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Keep reading... Show less

Top News

Related News