According to The Australian Financial Review, Japanese giant Idemitsu is back for a second helping at Queensland vanadium explorer Vecco Group, which wants to supply to battery players and renewables projects.
Idemitsu has cornerstoned a $20 million odd raising from Vecco, kicking in $8.26 million followed by a $4.9 million initial investment in October. The investment makes Idemitsu a 14.7 per cent shareholder and gives it a board position.
It’s early days still for Vecco’s project Debella near Julia Creek in Queensland; the raising would fund feasibility studies, environmental approvals, metallurgical test work and mining lease application costs. The resource is for 45.1 tonnes at 0.47 per cent vandium oxide.
But it is targeting 2024 production for vanadium, rare earth elements, and alumina. It also wants to build a vanadium electrolyte production facility to supply domestic market for vanadium batteries.
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