ASX-listed Australian Vanadium has inked a letter of intent (LoI) with the commercial arm of steel producer Tianzhu Steel over the iron titanium (FeTi) co-product at the Australian Vanadium project.
Tianzhu Steel subsidiary Wingsing International is looking to take up to 100 000 t/y of FeTi under the LoI.
Australian Vanadium is expected to produce approximately 900 000 t/y of FeTi coproduct from the Australian Vanadium project, in addition to approximately 11 000 t/y of vanadium pentoxide from its proposed mine and processing facility in the Mid West region of Western Australia.
“Through our consultant’s tireless work in China we are building brand awareness for the FeTi co-product Australian Vanadium will produce along with its vanadium products. We are establishing relationships directly with some of the country’s top steel producers,” said Australian Vanadium MD Vincent Algar.
“We look forward to working with Tianzhu Steel to supply this unique product which is able to cost-effectively improve mill operational efficiency. These agreements further validate AVL’s strategic decision to locate its vanadium processing plant close to Geraldton’s port, strengthening the AVL pathway to funding and project development.”
The LoI comes just a day after Australian Vanadium was awarded A$49-mllion in funding support under the federal government’s Modern Manufacturing Initiative, for the development of its A$367-million namesake project.
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