The Australian Government has awarded major project status to Australian Vanadium Ltd (AVL) for its Australian Vanadium Project located approximately 43 kilometres south of the Meekatharra mining town and 740 kilometres north-east of Perth.
“Vanadium is on the critical minerals list for Australia and the US, which means there is a market there for this globally significant resource,” Minister for Resources and Northern Australia Senator Matthew Canavan said.
With this award, the project is formally recognised as a nationally strategic significant project for its contribution to economic growth as well as employment and to regional WA. The major project status will have a 3-year period and will provide a single point of contact for assistance through the approval process and significant government legislation.
This streamlined approach will possibly accelerate the project’s approvals.
“AVL has already defined a vanadium project of significant size and economic potential, and official endorsement by the Australian Government for Major Project Status recognises this. Assistance with the approval process which is currently underway by AVL will be most welcome.
“We are delighted to join the select group of projects awarded Major Project Status and thank the Ministers for valuing the Project as we do,” Australian Vanadium Ltd Managing Director Vincent Algar said.
The Australian Vanadium Project is comprised of 11 tenements that covers about 260-square-kilometres and will produce high-grade vanadium.
“Our Government sees the incredible economic potential these projects offer, not just the regional areas where they’re located but for Australia more broadly.
“These products are rare and in high demand, and these projects will generate millions for our economy, create jobs in regional areas and bring important permanent infrastructure investment,” Minister for Industry, Science and Technology Karen Andrews said.
Currently, AVL has released a pre-feasibility study and a pilot scale study is also underway that will prove the process at scale.
Construction of the Australian Vanadium Project is anticipated to support up to 400 jobs and create up to 200 ongoing jobs once operational.
The project is expected to have a mine life of 17 years defined over just 2.5 kilometres on an 11-kilometre held strike that contains more Inferred Resources.
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Source: Australian Vanadium Ltd (1, 2); Australian Mining; Proactive Investors; Mining.com