BEIJING (Asian Metal) 15 Jan 20 – Australian Vanadium Limited today announced that it has signed a Letter of Intent (LOI) with Hebei Yanshan Vanadium and Titanium Industry Technology Research Co., Ltd, (“Yanshan Vanadium Titanium”) to negotiate and sign a binding technical services and purchase agreement for Australian Vanadium’s vanadium products.
Yanshan Vanadium Titanium is a subsidiary of HBIS Group Chengsteel in China based in the Hebei province. It was set up to co-ordinate and commercialize research and development innovation in steel industry. HBIS Chengsteel is currently the world’s third largest vanadium producer.
The terms of the LOI include Australian Vanadium providing a product sample to Yanshan Vanadium Titanium for testing. Product specifications, price and volume are to be determined through further discussion. The document is non-binding and sets out the structure for further discussions to be undertaken. Managing Director, Vincent Algar and Chief Operating Officer, Todd Richardson will travel to Chengde, Hebei this month to progress technical and offtake discussions.
Through Australian Vanadium’s online Data Room, Yanshan Vanadium Titanium has already started to undertake its due diligence of the Australian Vanadium Project and the Company.
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