Australian Vanadium handed ‘major project status’ for WA asset

ASX-listed Australian Vanadium has been given ‘major project status’ by the Australian federal government for its flagship deposit, located in Murchison Province, Western Australia.

The granting of ‘major project status’ lasts for three years and provides formal recognition of the national strategic significance of the Australian Vanadium Project.

The Perth-based company will also receive a AUS$74 million loan for the project through the Northern Australia Infrastructure Facility – a scheme supporting private sector investment in infrastructural development across Northern Australia.

“Vanadium is on the critical minerals list for Australia and the US, which means there is a market there for this globally significant resource,” said Minister for Resources and Northern Australia Matt Canavan in a statement.

“This project will have a significant impact on the Western Australian economy, especially the Meekatharra region with the creation of around 400 direct construction jobs and a further 200 ongoing jobs.”

Australian Vanadium say the project is one of the highest grade vanadium projects currently being developed in the world. The firm proposes an open pit mine, crushing, milling and beneficiation plant and refining plant for final conversion and sale of high-quality vanadium pentoxide.