Australian Vanadium inks offtake-finance MoU with Chinese Win-Win Development Group

Date: Jun 28, 2018

Australian Vanadium has signed a memorandum of understanding (MOU) with Chinese steel and alloy company Win-Win Development Group for vanadium offtake from Gabanintha, Western Australia.

Chengdu-based Win-Win plans to use Australian Vanadium’s product to make vanadium carbon nitrate (VCN) for use as a component in micro-alloy rebar production.

The company is constructing a 5000 tonnes per year (t/y) production facility for the VCN, which will require around 7000–8000t/y of vanadium oxide (V2O5).  The first stage of the project (2000–3000t/y) is expected to begin operation in 2019 and the second stage in 2020.

The timing of the Win-Win agreement aligns with Australian Vanadium’s development of its Gabanintha vanadium project.

In addition to the the project’s current high-grade measured, indicated and inferred levels of 10.2 million tonnes (Mt) at 1.06 per cent ‎V2O5, 4.8Mt at 1.04 per cent‎ V2O5 and 77.8Mt at 0.94 per cent ‎V2O5, the company has also discovered cobalt potential at the site from drilling assays.

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