So it would seem with the stalled Windumurra project being revived
Vanadium Miners Mineral Resources and Stina Resources Making Progress email Email Print Print PDF PDF Mon, Apr 19, 2010 Feature Articles, Vanadium Articles
By Desmond McMahon Exclusive to Vanadium Investing News
vanadium-shaft LinkedIn 0diggsdigg Share Mineral Resources Ltd (ASX:MIN) has finalized a joint venture deal with former pearl marketing company Atlantic Ltd (ASX:ATI) to revive the stalled Windimurra vanadium project in Western Australia.
The partnership may strike some as odd, but their agreement to buy and complete the Windimurra vanadium project is no joke.
Atlantic will hold a 63 percent stake in the venture and when the project is complete, will become a significant supplier of vanadium Windimurra is forecast to produce about 7 percent of the worlds vanadium supply.
The partners will acquire 90 percent interest in Windimurra Vanadium Ltd (ASX:WVL), which holds a 100 percent stake in the Windimurra vanadium site, in a deal expected to close by June 30th. The agreement is contingent on Mineral Resources and Atlantic raising between AUS$90 million and AUS$100 million for debt financing and capital to complete the project.
Mineral Resources will continue to operate the crushing and processing plants already on-site at Windimurra under the existing Build, Own, and Operate contract with Midwest and enter into a new lump sum contract to complete construction of the plant.
The Windimurra mine has had a troubled history. Located northeast of Perth in Western Australia, the mine was actively operated by Xstrata until the property was sold to Windimurra Vanadium in 2003.
Windimurra fell into receivership in February, 2009. There was hope for Windimurra, in May 2009, Reed Resources was interested in the collapsed mine but nothing materialized and Windimurra went into receivership with the mine 85 percent complete.
NIP Price at posting:
26.0¢ Sentiment: LT Buy Disclosure: Held
