The Western Australian Department of Mines, Industry Regulation and Safety has awarded ASX-listed Technology Metals Australia a mining lease for its Gabanintha vanadium project?
The mining lease will be valid for an initial 21-year period, and delivered all tenure required for the development of the vanadium project, including miscellaneous licences for the bore field and camp, as well as general purposes leases for mining infrastructure associated with the Northern Block.
“Grant of the mining leases is a key milestone as we continue to de-risk the development of the lowest cost quartile, large scale, long life world-class Gabanintha vanadium project, complementing the rapid progress we are making on the environmental approval pathway,” said MD Ian Prentice.
“These achievements, along with the targeted delivery of an initial 20-year project life, are expected to be very positive in regards to Technology Metals’ ongoing engagement with project financiers, strategic partners and key stakeholders.”
A definitive feasibility study into Gabanintha found that the project could produce 27.9-million pounds a year of vanadium pentoxide over a mine life of 16 years. The study estimated that the project would cost $318-million to develop, and would deliver mine-life earnings before interest, taxes, depreciation and amortisation of A$4.1-billion and an estimated free cash flow of A$1.09-billion.
www.ferroalloynet.com