- Australian Vanadium (AVL) signs an agreement for future use of a port in Geraldton as it moves towards approval, funding and development of its Australian Vanadium project
- The company signed a 12-month Joint Co-operation agreement with the Mid West Ports Authority (MWPA) for the future use of facilities and services at its port
- AVL expects to ship about 900,000 dry tonnes per annum of iron titanium coproduct over the 25-year life of the project
- The companies plan to cooperate to expand MWPA’s port so it can meet AVL’s shipping and storage needs
- Shares were trading 4.84 per cent higher today at 3.3 cents each
Australian Vanadium (AVL) has signed an agreement for future use of a port in Geraldton as it moves towards approval, funding and development of its Australian Vanadium project.
The company signed a 12-month Joint Co-operation agreement with the Mid West Ports Authority (MWPA) for the future use of facilities and services at its port, with the option to extend the agreement if required.
The Australian Vandium project will produce high purity vanadium and iron titanium in the Murchison region of Western Australia.
Its processing plant is located near the port city of Geraldton.
The company expects to ship about 900,000 dry tonnes per annum of iron titanium coproduct over the 25-year life of the project.
Currently, the Geraldton port does not have the necessary storage or ship loading infrastructure to support the handling, loading, and export of the product.
However, the companies plan to cooperate to expand MWPA’s port so it is mutually beneficial for both parties.
AVL is in discussion to secure multiple offtake agreements for its iron titanium product.
The port is also planned for use as a receiving port for the company’s processing reagents, large break-bulk equipment, and renewable energy hardware.
MWPA has provided indicative quotes in order for AVL to access the port for shipping and product storage.
These figures will be included in the company’s Bankable Feasibility Study (BFS).
Managing Director Damian Tully said he is pleased with the agreement.
“Having confidence that Mid West Ports Authority will be able to directly accommodate our requirements is another big step in our pathway to production,” he said.
“Improving confidence levels in our costings and providing necessary assurances for future access and communication is a major benefit as we finalise our BFS and move towards approvals and funding.”
Shares were trading 4.84 per cent higher today at 3.3 cents each at 1:55 pm AEDT.