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- Australian Vanadium Limited (AVL) has secured a $49 million grant under the Australian Government’s Modern Manufacturing Initiative Collaboration Stream which will be used towards the development of the Australian Vanadium project in Western Australia
- The grant will be used to support development of an Australian green-fuelled vanadium industry and enable new critical mineral production through the establishment of an integrated onshore Australian vanadium supply chain for steel and battery minerals
- Australian Vanadium is collaborating with industry leaders and researchers like Curtin University and the Australian Nuclear Science and Technology as part of the grant
- The company is working with the Australian Government to finalise the legal agreement for the grant
- AVL shares have risen 17 per cent today, trading at 4.1 cents
Australian Vanadium Limited (AVL) has been awarded a $49 million grant under the Australian Government’s Modern Manufacturing Initiative Collaboration Stream.
The grant will be used towards the development of the Australian Vanadium project near Meekatharra and Geraldton in Western Australia’s Mid West region, supporting the company’s development of an Australian green-fuelled vanadium industry.
The project will also enable new critical mineral production through the establishment of an integrated onshore Australian vanadium supply chain for steel and battery minerals.
“We have developed an innovative and collaborative approach to building a fully integrated project, from mine through to processing and end use in the steel and battery markets,” Australian Vanadium Managing Director Vincent Algar said.
“Our collaborations are allowing us to build a project with unique social and environmental benefits.
“We look forward to working with our partners to bring the Australian Vanadium project into production and further develop downstream opportunities for green steel and the vanadium redox flow battery market.”
The project consists of an open cut mine and crushing, milling and beneficiation plant south of Meekatharra and a vanadium pentoxide processing plant near Geraldton.
Australian Vanadium is working with ATCO Australia to incorporate green hydrogen into fuelling the processing plant, and is collaborating with industry leaders and researchers as part of the grant, including Curtin University, Queensland University of Technology and the Australian Nuclear Science and Technology. AVL believes that collaborating will enable the company to further improve the manufacturing process for high purity vanadium electrolytes.
By establishing manufacturing capabilities across both critical minerals and recycling as well as clean energy within Australia, it is hoped the collaborative project will create hundreds of jobs, while enabling technologically driven solutions towards a low carbon economy.
Australian Vanadium is currently working with the Australian Government to finalise the legal agreement for the grant, with terms and conditions to be agreed upon.
AVL shares jumped 17 per cent to trade at 4.1 cents at 10:26am AEDT.
