Vanadium One enlists Glencore's support for Quebec project
Toronto-headquartered explorer and developer Vanadium One has enlisted the support of commodities major Glencore for the development of the Mont Sorcier iron and vanadium project, in Quebec.
Glencore will assist in arranging funding to deliver a bankable feasibility study (BFS) and has entered into an eight-year offtake agreement for the eventual vanadium-rich iron concentrate that the mine will produce.
At least $10-million will be required to complete the BFS, of which Glencore will facilitate the arrangement of $8-million, with funding to be secured before year-end.
“We believe this partnership offers shareholders not only a way to expedite the development, but also the best opportunity to maximise the value of future production, utilising Glencore’s worldwide reach, thus unlocking the robust potential we see at Mont Sorcier as outlined in our preliminary economic assessment (PEA),” said president and CEO Cliff Hale-Sanders.
The 2020 PEA outlined a C$457-million project, based on a traditional openpit mining scenario with magnetic separation processing to produce about five-million tonnes a year of vanadium-rich iron concentrates, with low levels of impurities.
The PEA calculated an after-tax internal rate of return of 33.8% and a net present value, at an 8% discount rate, of C$1.7-billion.
Hale-Sanders added that Vanadium One’s preference remained to find a strong technical and financial partner to help maximise the value chain as Mont Sorcier is brought to production.
“That said, we have the very capable technical nucleus to commence our journey.”
Vanadium One’s stock closed 8.47% higher at C$0.32 a share on Wednesday.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.
VISIT SHOWROOM
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
