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