Neometals Ltd (ASX: NMT)
Announced that The Regional State Administrative Agency for Southern Finland has granted an environmental permit for operation of a vanadium recovery plant and associated infrastructure (“Vanadium Recovery Project” or “VRP1”).
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MD Chris Reed addresses the audience at the Kalgoorlie Conference
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| Neometals | ASX / AIM : NMT |
| Stage | Production + development |
| Metals | Titanium + Vanadium + lithium + nickel |
| Market cap | A$636 m @ A$1.13 |
| Location | Western Australia, Germany, Finland, USA |
NEOMETALS’ VANADIUM RECOVERY PROJECT ENVIRONMENTAL PERMIT GRANTED
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Neometals Ltd (ASX: NMT) (“Neometals” or “the Company”), is pleased to
announce that The Regional State Administrative Agency for Southern Finland has granted an environmental permit for operation of a vanadium recovery plant and associated infrastructure (“Vanadium Recovery Project” or “VRP1”).
The permit authorises, subject to a number of conditions, the production of approximately 9,000tpa of vanadium pentoxide (see Table 1 for the key
production and storage parameters afforded by the permit).
Neometals is earning a 50% equity interest in an incorporated joint venture (“JV”) to develop VRP1 with unlisted Australian mineral development company, Critical Metals Ltd (“Critical Metals”) (for further details see Neometals announcement titled
“High-Grade Vanadium Recycling Agreement” dated 6th April 2020).
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HIGHLIGHTS
• The Vanadium Recovery Project in Pori, Finland has been granted an Environmental Permit by the Regional State Administrative Agency for Southern Finland;
• Permit authorises, subject to conditions, construction and operation of a vanadium recovery plant to produce supply constrained vanadium pentoxide in Europe;
• Nordic investment bank Aventum Partners appointed to lead debt process; and
• Formal agreements being advanced with SSAB for additional feedstock and Betolar for key by-product offtake.
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The parties are jointly evaluating the feasibility of constructing a facility in Pori, Finland to process and recover high-purity V2O5 from vanadium-bearing steel making by-product (“Slag”) generated by SSAB EMEA AB and SSAB Europe Oy (collectively “SSAB”) in Scandinavia.
Neometals Managing Director Chris Reed said:
“Congratulations to the Neometals and Critical Metals teams and consultants for achieving this significant milestone.
“Neometals is also grateful to the people and government of Finland for the significant support.
“The permit, of which the conditions are now outside public appeal, substantially de-risks the VRP1 project as we prepare to make key investment decisions.”
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For brevity, this summary has been redacted, to read the full news release, please click HERE
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Disclosure
At the time of writing the author holds no shares in Neometals.
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