PERTH (miningweekly.com) – The Western Australian Department of Mines, Industry Regulation and Safety has awarded the Australian Vanadium project Lead Agency status.
“Formal recognition of the importance of the Australian Vanadium project to Western Australia by the state government is a crucial step forward. The status provides greater certainty to those considering an investment in the project, which is already located in a tier 1 global mining destination,” said Australian Vanadium MD Vincent Algar.
The state’s award of Lead Agency status comes after the federal government awarded the project Major Project status in September of last year.
Algar noted that the project would have a significant effect on the Western Australian economy, creating 500 jobs during construction and a further 240 jobs during construction.
A previously completed prefeasibility study estimated that some 22.5-million pounds a year of vanadium pentoxide could be produced over an initial mine life of 17 years, with the project requiring a capital injection of $354-million.
A pilot scale study, with the intention to prove the process at scale, is nearing completion.