- Vanadium Resources (ASX:VR8) winds up the December quarter with a net present value of more than US$1 billion
- This was achieved by increasing a stake in a subsidiary to 86.49 per cent after a transaction with third-party entities Obeec and Math-Pin
- Preliminary work for the company’s Steelpoortdrift vanadium project continues to roll along with FEED works coming together on schedule
- Shares last traded at 3.8 cents
Vanadium Resources (ASX:VR8) wound up the December quarter with a net present value of more than US$1 billion.
This was achieved by increasing a stake in a subsidiary to 86.49 per cent after a transaction with third-party entities Obeec and Math-Pin.
Preliminary work for the company’s Steelpoortdrift vanadium project continues to roll along with front-end engineering design (FEED) works coming together on schedule.
That project, once live, will be based in South Africa.
Contracts for works
The company expects to start firing off other contracts later this year with a view towards engineering, procurement and construction.
The company also received public comment through the environmental approvals process during Q2 FY24.
Other social licence activities were undertaken as well as an assessment of solar power and rope conveyors to be in use on-site at the future fully-developed project.
Offtake and financing
Offtake negotiations, as well as those for investment into the project, are taking place with International entities, the company reported in its quarterly today.
In October the company reported heading towards FID.
Shares last traded at 3.8 cents.