- Technology Metals Australia has signed a Memorandum of Understanding with CNMNC Ningxia Orient Group Company Ltd
- CNMNC’s special materials division produces ferro vanadium and vanadium nitrogen alloys for use in the Chinese steel industry
- The MoU establishes the framework for vanadium offtake agreement to be finalised in the next few months
- Detailed high-quality feasibility study based on the
productionof high-purity vanadium on track for mid-2019 delivery
Technology Metals Australia Limited has just signed vanadium off take Memorandum of Understanding with Chinese metal manufacturer, CNMC Ningxia Orient Group Company (CNMNC).
The aim of this deal is to establish a strong customer base with the help of CNMC, to produce vanadium pentoxide from the Gabanintha Vanadium Project.
CNMC is a producer of rare metals and based ion the Ningxia Province, China. It is a subsidiary of China Nonferrous Metal Mining (CNMC). Its alloy production business produces vanadium nitrogen alloys and ferrovanadium for the Chinese steel industry.
CNMNC is highly regarded in China as it has engaged in a variety of high-tech alloy products and has won over 100 awards in China.
“We are very excited to have entered into this agreement with CNMNC, a China Nonferrous Metal Mining (Group) company, as a key step in establishing a strong and supportive customer base for the development of the high quality globally significant Gabanintha Vanadium Project,” Technology Metals Australia’s Managing Director Ian Prentice said.
“The very high purity of the Gabanintha vanadium pentoxide product provides a clear competitive advantage for the Project,” he said.
We are very pleased to be establishing this relationship and engaging in offtake discussions with Technology Metals Australia as they progress the development of the very high quality, low-cost Gabanintha vanadium project,” Deputy General Manager at CNMNC Yi
The next step to finalising the agreement include the completion of due diligence by both parties and the Gabanintha Definitive Feasibility Study.