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- Vanadium Resources (ASX:VR8) progresses with workstreams for the development, construction, offtake and finance for its Steelpoortdrift vanadium project in South Africa
- Environmental authorisations and FEED designs have begun along with other final processes ahead of VR8’s FID
- The company and China-based Matrix Resources inked an investment and offtake exclusivity deal back in May
- Vanadium eyes an expansion to its support team to include a concentrate manager, Salt Roast Leach manager, infrastructure manager, contracts manager, mine manager and HR manager
- VR8 shares last traded at 5 cents
Vanadium Resources (ASX:VR8) continues to make progress across various workstreams for the development, construction, offtake, and financing of its Steelpoortdrift Vanadium project in South Africa, which boasts one of the world’s highest-grade vanadium deposits.
Since releasing a definitive feasibility study (DFS) in October 2022, the company is anticipating approval of further environmental authorisations and water use licenses in Q1, 2024.
Moreover, the front-end engineering design (FEED) phase is now underway, with designs and tender packages set to be finalised in preparation for VR8’s final investment decision (FID).
China-based Matrix inked a memorandum of understanding (MoU) back in May this year with Vanadium, solidifying its commitment to developing the project.
Vanadium also reported agreements to increase the company’s interest to 86.49 per cent remain conditional, with one awaiting South African Reserve Bank (SARB) approval.
“The company, our engineers and advisers are working hard to progress critical path items and ensure that the preparations are completed both diligently and efficiently to mitigate technical and financing risks,” VR8 Managing Director Jon Ciganek.
“While the modified implementation plan includes a revised FID target, the plan now includes optimised processes and allows for greater visibility around construction, which will provide greater certainty and reduce overall project risk resulting in a more optimised and robust project.”
The company has initiated an environmental impact assessment for the construction of a rope conveyor between Steelpoortdrift and Tweefontein operations.
Meanwhile, VR8 has eyed an expansion to its support team to include a concentrate manager, Salt Roast Leach (SRL) manager, infrastructure (power and water) manager, contracts manager, mine manager and HR manager.
VR8 shares last traded at 5 cents.
