Name of the Project
Mont Sorcier iron and vanadium project.

Location
The project is located near Chibougamau, in Quebec, Canada.

Project Owner/s
Vanadium One Iron Corp.

Project Description
A preliminary economic assessment (PEA) on Mont Sorcier has outlined a robust project, based on a traditional openpit mining scenario with magnetic separation processing, to produce about five-million tonnes of vanadium-rich iron concentrates a year, with low levels of impurities.

A mine plan has been developed, which envisages the processing of 555-million tonnes of the current resource base over a 37-year mine life.

The PEA envisages the sequential mining of the project’s South zone, followed by the North zone using standard openpit drill, blast and haul mining techniques.

This will allow for the South pit to be used for waste disposition in future years.

Using standard equipment and technologies, the processing plant designed for Mont Sorcier is in line with similar projects in production worldwide.

The PEA has included crushing and grinding to a P95 of 45 μ to ensure the production of premium concentrate grades, with three stages of magnetic separation. Based on the mine plan, Mont Sorcier is expected to produce a life-of-mine average concentrate grading 65% iron with 0.6% vanadium pentoxide.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated pretax net present value, at an 8% discount rate, of C$2.51-billion and an internal rate of return of 41.5%, with a payback of three years.

Capital Expenditure
Upfront capital costs are estimated at C$457.5-million.

Planned Start/End Date
Not stated.

Latest Developments
Vanadium One has enlisted the support of commodities major Glencore for the development of the Mont Sorcier iron and vanadium project.

Glencore will assist in arranging funding to deliver a bankable feasibility study (BFS) and has entered into an eight-year offtake agreement for the eventual vanadium-rich iron concentrate that the mine will produce.

At least $10-million will be required to complete the BFS, of which Glencore will facilitate the arrangement of $8-million, with funding to be secured before year-end.

Key Contracts, Suppliers and Consultants
CSA Global Consultants Canada, Vulcan Technologies (PEA) and Corem (metallurgical testwork).

Contact Details for Project Information
Vanadium One Iron Corps, email info@vanadiumone.com.