Vanadium group takes a long look at AIM float
Precious Metals Australia (PMA) says an AIM float could feature in preparations for its £70 million Windimurra vanadium project.
Vanadium, a recently-discovered element, is emerging as a versatile commodity whose chief role is to harden steel and titanium alloys, though it can also act as a catalyst in making sulphuric acid, and allegedly has additional cholesterol-reducing properties.
Roderick Smith, managing director of Aussie-listed PMA, says the Perth-based company, which is heavily loss-making but has around £20 million cash, is negotiating £48 million debt funding for its Windimurra vanadium project. That is part of the £74 million PMA reckons it will take to go into production.
Noble, the £1 billion Singapore-listed metals trading group, has agreed to take all Windimurra's output on a cost-plus basis for the project life and is taking ten per cent
in the company and another ten per cent