https://www.miningweekly.com

Australian Vanadium raises cash for Gabanintha studies

Australian Vanadium raises cash for Gabanintha studies

Photo by Bloomberg

10th January 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Australian Vanadium has raised more than A$6-million through option conversion, to fund the completion of a definitive feasibility study (DFS) on the Gabanintha vanadium project, in Western Australia.

The company on Thursday noted that more than 204.59-million options had been converted into shares by 264 holders during December last year. An additional 62.75-million options were underwritten, raising a further A$1.25-million.

“Starting 2019 with a healthy cash balance enables us to move swiftly forwards with our plan for the Gabanintha vanadium project. Timelines can now be accelerated, and we are confident that we have a solid basis to inspire confidence in prospective investors and project partners,” said Australian Vanadium MD Vincent Algar.

A prefeasibility study into the project found that the project would cost some $354-million to develop into a 900 000 t/y vanadium pentoxide operation, over an initial mine life of 17 years.

The study estimated a post-tax net present value of between $125-million and $1.41-billion, depending on the price assumptions.

As part of the DFS work, Australian Vanadium has initiated a pilot scale metallurgical study, which will start with a diamond drilling sample collection in mid January.

Edited by Creamer Media Reporter

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/04/2024)
12th April 2024 By: Martin Creamer
Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.068 0.105s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: