Total
0
Shares
ImageS Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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 production of 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 Junping said.

The next step to finalising the agreement include the completion of due diligence by both parties and the Gabanintha Definitive Feasibility Study.

TMT by the numbers
More From The Market Herald
Kleos Space (ASX:KSS) - CEO, Andrew Bowyer

" Kleos Space (ASX:KSS) to build and launch Observer Mission

Kleos Space (KSS) has signed new contracts with satellite builder Innovative Solutions in Space (ISISPACE) and global launch services provider, Spaceflight.
Amaero International (ASX:3DA) - CEO, Barrie Finnin

" Amaero International (ASX:3DA) to make rocket motor parts for Gilmour Space

Amaero International (3DA) has secured a heads of agreement (HoA) with Gilmour Space Technologies.

" DGL Group (ASX:DGL) to buy Shackell for $8.9m

Specialist chemicals business DGL Group (DGL) has agreed to purchase Shackell Transport for $8.9 million.

" CIM propose $840M 2019 profits with digital shift

CIMIC Group Executive Chairman expects a 2019 performance of $790m  million $840 million.