Reed Resources has announced it is in exclusive talks with Chinese firm Non-Ferrous Metal Industry’s Foreign Engineering and Construction to develop the Barrambie vanadium project.
The discussions, facilitated by Arccon, are focused on funding the project and the engineering procurement and construction contract.
The talks will remain exclusive until 31 August.
However, Reed stated that “no party is under any obligation to proceed” with the contract.
Reed has already completed a definitive feasibility study for Barrambie, which projected an average annual income of $100 million at the current vanadium prices.