Vital regains full ownership of Watershed
PERTH (miningweekly.com) – ASX-listed junior Vital Metals has regained full ownership of its Watershed tungsten project, in Queensland, after project partner Japan Oil, Gas and Metals National Corporation (Jogmec) forfeited its 30% interest in the project.
Under its original investment mandate, Jogmec was responsible for arranging the transfer of its interest to a Japanese company, which would participate and help fund the project’s development. However, Jogmec was unable to conclude the transfer of its interest by the end of December, meaning that the project partner forfeited its interest in the project to Vital, for no consideration.
Vital MD Mark Strizek said on Monday that with Vital holding full ownership of the project, the company was free to start discussions with potential new development partners which have expressed interest in the project.
“Watershed ticks virtually every box from the perspective of potential development partners looking to invest in a high-quality, long-life tungsten deposit.
“It is derisked and ready to commence construction, it is a high-quality resource with attractive economics, and it is located in a tier-one jurisdiction where costs are falling rapidly and a highly skilled workforce is available.”
A 2014 definitive feasibility study estimated that the project could support a 2.5-million-tonne-a-year operation over a mine life of about ten years, based on a mineral resource of 49.2-million tonnes, grading 0.14% tungsten for 70 400 t of contained tungsten trioxide.
The project is fully permitted.
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