Australian Vanadium has secured a mining lease for its vanadium-titanium-iron project in Western Australia.
The company has heralded the grant from the Western Australian Department of Mines, Industry, Regulation and Safety as a significant milestone in the project development, with the mining lease term lasting 21 years from August 28.
The lease will cover 70 per cent of the Australian Vanadium project’s declared mineral resources over a single continuous area.
In total, the Australian Vanadium project is comprised of 11 tenements, all of which are held by Australian Vanadium.
“The grant of the mining lease is an important milestone for AVL (Australian Vanadium) and provides certainty to investors and potential project financiers in Australia and globally,” Australian Vanadium managing director Vincent Algar said.
The project is one of the highest grade vanadium projects worldwide, with a 208.2 million tonne resource at 0.74 per cent vanadium pentoxide.
It also includes a high grade zone of 87.9 million tonnes at 1.06 per cent vanadium oxide.
The mining lease will continue to advance the completion of the project’s approvals to begin operations.