PERTH (miningweekly.com) – The joint venture (JV) partners for the proposed vanadium recovery project (VRP1) in Finland have extended the final investment decision (FID) deadline from June until the end of September this year.
ASX-listed Neometals, which holds a 72.5% interest in VRP1 with Critical Metals, said on Friday that the special purpose vehicle Recycling Industries Scandinavia AB (RISAB) was making strong progress in the lead-up to the FID.
“The project team has made outstanding progress towards financing the VRP1. We look forward to advancing the financing discussions with the interested parties and progressing to an FID in the coming quarter,” said Neometals MD Chris Reed.
RISAB has engaged leading Nordic investment banks, SEB and Aventum Partners, to lead VRP1 financing processes. Project financing activities are progressing well with due diligence led by the European Investment Bank and a preferred banking club.
A feasibility study into VRP1 has estimated production of 19.1-million pounds of vanadium a year, based on a throughput rate of 300 000 t/y. The feasibility study estimated a capital cost of $314.4-million, with the net operating cost was estimated at $4.19/lb.