The Steelpoortdrift Vanadium Project is one of the world’s largest and highest grade deposits with a mining authorisation. The current Mineral Resource stands at 612 million tonnes at an in situ grade of 0.78% V2O5 in the Indicated and Inferred categories. The resource includes a competitive high grade, near surface component of 169 million tonnes at a superior in situ grade of 1.07% V2O5 (refer further information here and ASX Announcement 16 April 2019).
The Steelpoortdrift Vanadium Project is advantageously located short distances from existing railway sidings and 160km away from Witbank (Emalahleni) where historical magnetite processing plants are located.
Importantly the high grade, high quality nature of the vanadiferous titanomagnetite present at Steelpoortdrift produces a high-quality concentrate for downstream processing to produce value added specialist products suitable for the steel, renewable energy (VRFB battery) and industrial minerals markets. The concentrate contains approximately 2.2% V2O5, 12% TiO2 and 55% Fe (ASX Announcement 18 March 2019), which are commodities are sought by these markets.
The Company is currently engaging with mutiple interested parties in Asia, Europe and South Africa regarding potential sale of the Steelpoortdrift concentrate, strategic investment opportunities, and collaboration to develop downstream processing options, provision of project finance, prepayments for offtake and other financial partnerships