Australian Vanadium Signs MoU with Chinese Steel Producer

Australian Vanadium is the sole owner of the  Gabanintha Project near Meekatharra in Western Australia. 

Australian Vanadium Limited (ASX:AVL) reports it has signed a non-binding memorandum of understanding (MoU) with the Win-Win Development Group, private steel and alloy producer based in Chengdu, China. Australian Vanadium is the sole owner of the Gabanintha project near Meekatharra in Western Australia.

As quoted from the press release:


  • An MoU has been signed with Win-Win Development Group, a Chinese steel and alloy product company.
  • The agreement initiates discussions surrounding project finance and offtake of vanadium oxides from Gabanintha
  • Products to be used in production of vanadium carbon nitride (VCN) for use in area of micro-alloy rebar production.
  • Win-Win’s project timeline is strongly aligned with AVL’s planned development of Gabanintha.
    Relationship initially built by AVL’s China consultancy Mastermines.
  • New Chinese rebar standard, due to be implemented in October 2018, requires additional use of vanadium with supplies inside China strongly constrained and VCN is the preferred alloy to meet the specification.

Win-Win is currently building a 5,000tpa vanadium carbon nitride (VCN) production line which requires approximately 7,000-8,000tpa of 98 percent V₂O₅. The first stage will require 2,000-3,000tpa and be operational in 2019 and the second stage is planned for the following year. Win-Win has a shareholding in an operating production line currently producing 2,400tpa of VCN products for existing steel companies.

The timing of the Win-Win development and full production has strong synergies with the planned development of the Gabanintha vanadium project.

“The Win-Win team are fully in-tune with the needs of the vanadium alloy market in China. Their development plans will set them up as a significant supplier of VCN to feed the rising demand for this feedstock as the new rebar standards are implemented. WinWin has undertaken due diligence and identified AVL’s Gabanintha project as the one most likely to be able to provide the grade and quantity of product they require for the future,” said Vincent Algar, AVL’s managing director.

Click here to read the full press release

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.


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