Australian mining company Golden Deeps has signed a joint venture agreement with Hong Kong metals trading company Generous Metals.
The joint venture will see the two companies working together in mining vanadium metals in Namibia, Africa.
Vanadium is a metallic element which is commonly used for constructing steel alloy space vehicles, aircraft, nuclear reactors and used in the production of sulphuric acid.
As part of the agreement, Generous Metals will pay the costs of crushing and concentrating the metals and will oversee sales operations in China.
The joint venture profits will be shared equally by both companies.
Golden Deeps proposes to construct a modular crushing and concentrating plant on site, which is expected to take four months to build.
Golden Deeps chairman Michael Minosora says investment into Namibia will provide for in-country employment opportunities.
“The JVA represents a very significant milestone for the Company as it provides a solid foundation to accelerate the development of our Abenab Project,” Minosora also said.