ASX-listed vanadium developer Technology Metals Australia has entered into a memorandum of understanding with India’s Tata Steel for the potential acquisition of vanadium pentoxide and other vanadium products from the Murchison Technology Metals Project (MTMP) in Western Australia.
According to the Memorandum of Understanding with Tata Steel, the parties are discussing: technical requirements for further processing of vanadium in India and Australia; possible commercial cooperation at MTMP and downstream production facilities; supply of vanadium pentoxide and other vanadium downstream products; and possible investment in Tata Steel Technology Metals and/or MTMP. MTMP.
According to the Memorandum of Understanding with Tata Steel, the parties discuss technical requirements for further processing of vanadium in India and Australia; possible commercial cooperation in MTMP and downstream production units; supply of vanadium pentoxide and other vanadium downstream products; and possible investment in Tata Steel Technology Metals and/or MTMP.
The Memorandum of Understanding is valid for five years unless cancelled by the parties.
Technology Metals is very pleased to partner with one of the world’s largest steel producers, Tata Steel, and further Australia’s important business relationship with India. Tata Steel uses MTMP’s high-purity vanadium pentoxide in the production of low-emission ferrovanadium and vanadium nitride in its steelmaking process, said Ian Prentice, MD, Technology Metals.
Technology Metals and Tata Steel can play an important role in emissions reduction. We play a role together in reducing emissions from steel applications as the world moves towards zero emissions. The MTMP, located approximately 50 km south of Meekatharra, is being developed to support an annual vanadium production of 12,500 tonnes per year for the first 25 years of the life of the mine. The project has an estimated ore reserve of 44.8 million tonnes containing 0.89% vanadium oxide, split between the Gabanintha and Yarrabudda deposits.
Tata Steel Managing Director Rajiv Mukerji said about the strategic acquisitions: “Vanadium is a key component in Tata Steel’s steelmaking process, increasing strength and reducing weight. Just as our customers are increasingly striving to reduce their carbon emissions, we expect the demand for these products to increase. “Working with Process Metals for primary vanadium and ferrovanadium production opportunities is in line with Tata Steel’s strategy to ensure a reliable and stable supply of raw materials to meet the future production requirements of our customers.”
The Western Australian government welcomed the MoU, saying the agreement was prompted by the Invest and Trade WA mission to India in July, led by the State Development, Employment and Trade Minister Roger Cook and International Education Minister David Templeman.
“Congratulations to Technology Metals and Tata Steel for entering into this MoU.” The MoU, which can benefit both companies as well as Western Australia and India, This “This is a great example of how our recent mission to India has opened doors leading to greater investment and collaboration between Western Australia and India,” Cook said.
This successful mission was the largest ever to leave the shores of Western Australia and included an extensive programme of government and business meetings; industry briefings; roundtable discussions; and one-to-one business meetings. ”
The government is committed to strengthening the country’s strong relationship with India, underpinned by shared values, strong people-to-people ties, and significant trade and investment ties.”
Mines and Petroleum Minister Bill Johnston said the memorandum of understanding between Technology Metals and Tata Steel is great news for the growing battery and critical mineral industries of Western Australia.
“In addition to steel production, vanadium products are an important input for new energy technologies. ” Vanadium” vanadium electrolyte is used in the manufacture of vanadium reduction current batteries, which are used for long-term storage of power systems.” “Technology” Technology Metals’ MTMP is an exciting example of the battery and critical mineral opportunities that Western Australia can offer to global investors.