Neometal’s (NMT) Vanadium Recovery Project partner, Critical Metals, has entered into an agreement with H2 Green Steel (H2GS).
The parties signed a memorandum of understanding agreement for a potential 10-year supply agreement for four million tonnes of high grade vanadium slag.
H2GS is a Swedish green steel developer that is planning a green steel plant to be located at Boden in northern Sweden.
This potential new source of slag could underpin a second, larger vanadium production operation capable of processing 400,000 tonnes per annum of slag.
Notably, Neometals has experience in metallurgical processing of vanadium bearing feedstocks. It has successfully piloted a proprietary hydrometallurgical (leaching) flowsheet for recovery of high purity vanadium from slag.
This agreement is a significant opportunity for the company as it highlights the growth for Neometal’s vanadium recovery technology.
Managing Director Chris Reed is pleased with the agreement.
“Neometals has been working with Critical to evaluate other opportunities, to build a pipeline of suitable feedstock sources to increase future production of potentially zero-carbon, high-purity vanadium chemicals for the energy storage market,” he said.
“Importantly, the proposed H2GS plant and potential second slag processing plant are located in Boden just up the road from SSAB stockpiles in Lulea. We are confident that the H2GS Slag may too contain very high-grade vanadium given the domestic source of the iron-ore feedstocks.”
Neometals was up 4.40 per cent to trade at 83 cents per share at 10:43 am AEST.
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