Technology Metals (ASX:TMT) progresses MTMP implementation phase

• Technology Metals Australia (TMT) achieves a key milestone in progressing its Murchison Technology Metals Project (MTMP)
• The company has issued Danish engineering company, FLSMIDTH, a notice to proceed with front-end engineering design services for the MTMP
• The MTMP comprises the Gabanintha and Yarrabubba projects which are set to be a long-term, low-cost producer of vanadium and titanium by-products
• Technology Metals expects the FEED services will be completed in 26 weeks and followed by long lead procurement and fabrication activities
• TMT shares are up 5.32 per cent to trade at 49.5 cents

Technology Metals Australia (TMT) has issued a notice to proceed (NtP) with front-end engineering and design (FEED) services to Danish company, FLSMIDTH.

The NtP follows the binding notice of award (NoA) executed in mid-2020 and involves FLSMIDTH supplying the key roasting kiln section of the processing plant at TMT’s Murchison Technology Metals Project (MTMP).

The MTMP comprises both the Gabanintha and Yarrabubba projects which are located to the south of Meekatharra, Western Australia.

Initially, the MTMP solely included the Gabanintha project which, as outlined by a definitive feasibility study, was set to be a standalone development project over a 16-year mine life. However, the Yarrabubba deposit was integrated into the MTMP to enhance project economics and accelerate the delivery of vanadium production.

As it currently stands, the MTMP will be a long-term, low-cost producer of high purity vanadium as well as of the highly sought-after titanium by-product.

Managing Director Ian Prentice said issuing the NtP ia an “incredibly important step” for the MTMP and follows years of collaboration between the companies.

“This formal engagement with FLSmidth marks the first major step in the Implementation Phase of the project, aimed at accelerating delivery of the world’s next large scale primary vanadium producer,” he said.

It’s expected the FEED services will be completed in roughly six months and may be followed by FLSMIDTH progressing long lead procurement and fabrication activities.

TMT shares were up 5.32 per cent to trade at 49.5 cents at market close.