Date: Jan 15, 2019
Newly renamed and refocused Global Vanadium (ASX: GLV) has announced two potential project opportunities and provided an update on its investment in the Philippines iron sands vanadium-magnetite project.
The Western Australia-based company officially changed its name and ASX ticker code from Baraka Energy and Resources and BKP in December 2018 in order to “better reflect the company’s stated strategy of pursuing its investment in the vanadium commodity sector”.
As part of this strategy, the company completed a review of a shortlist of projects for potential investment and today announced it is actively pursuing negotiations on two opportunities.
The review comprised both early-stage and advanced projects and involved Global director Jason Brewer and the company’s geological and metallurgical consultants conducting several due diligence site visits and meetings in South Africa.
According to Global, the two potential projects have so far met all of the company’s ongoing technical and due diligence requirements.
However, it did not reveal further information as while negotiations are considered to be “at a high level”, they are still incomplete.
Philippines project
Global also today updated the market on its investment in the Philippines iron sands vanadium-magnetite project, which is currently held through loan advances to unlisted public company Consolidated Iron Sands (CIS) and its 97%-owned subsidiary Luzon Iron Development Group Corporation.
