Alexander Mining PLC Project Update (4684D)
January 31 2018 - 4:42AM
UK Regulatory
TIDMAXM
RNS Number : 4684D
Alexander Mining PLC
31 January 2018
31 January 2018
Alexander Mining plc
("Alexander" or the "Company")
Vanadium Research and Development Joint Venture
Project Update
-- Joint venture ("JV") partner Multicom Resources Pty Ltd.
("Multicom") has received State Government approval for bulk sample
extraction required for test work.
-- John Webster Innovations ("JWI") has established a research
and development ("R&D") facility in Brisbane, Queensland.
-- Vanadium pentoxide, a powder form of the metal used in next
generation storage batteries and the steel industry, has already
increased 27 per cent. in 2018 to an eight year high of US$12.38
per pound.
Alexander is pleased to issue this update on its R&D JV for
the potential heap leaching recovery of vanadium from amenable ores
("Vanadium Leaching Technology") originally announced on 8
September 2017. The JV is between Alexander, Multicom, and JWI.
Multicom has advised that it has received approval from the
Queensland Government to extract a bulk sample from its St. Elmo
Project to initiate test work. Running parallel to this statutory
process, JWI has set-up its testing facilities in Queensland to
perform the necessary studies.
The expected timetable from the date of this announcement for
the proposed technical work programme is as follows:
Bulk sample delivered to JWI testing facilities: 1-2 months
JWI and Alexander to complete phase one test work: 2-3 months
Reporting of initial results: 3-4 months
In addition to the sample provided to JWI and Alexander,
Multicom will also be using its existing flow sheet to provide
samples of vanadium pentoxide to its identified offtake partners in
the steel industry and also its upstream battery partner, StorEn
Technologies (see announcement on 22 November 2017).
Martin Rosser, CEO, said: "We are very pleased with the progress
of the R&D JV, which provides Alexander a significant
opportunity potentially to use its expertise to disrupt
conventional processing methodologies in the vanadium sector. If
successful, this would provide exposure to this constricted supply,
high demand metal and its emerging applications across a number of
new technologies."
Nathan Cammerman, Executive Director and Co-Founder of Multicom
said: "Compared to most vanadium deposits globally, which are
usually hard-rock and require high vanadium grades to ensure
project viability, our Saint Elmo Project is a sedimentary deposit.
Unlike those hard-rock resources, limited drilling, crushing,
blasting and grinding would be required prior to potential
leaching. Our existing process flow sheet for the project is
already proven, however, if the Alexander and JWI heap leaching
test work proves successful, a sub US$2 per pound operating cost
may be achievable".
Alexander's involvement in the vanadium sector comes at a time
when significant interest is being drawn to the metal. The vanadium
pentoxide price has increased over 130 per cent. in the last 12
months, outperforming other battery metals such as cobalt, lithium
and nickel. Multicom's Saint Elmo Project is well positioned on the
development curve potentially to capitalise on the strength of
interest in the metal. A mining lease application has been lodged,
feasibility and environmental studies are well underway and the
Company has a near full allocation of off-take partners for its
potential production. This includes its binding vertical
integration agreement, with StorEn Technologies which is rapidly
advancing its next generation battery storage units.
ENDS
For further information, please contact:
Martin Rosser
Chief Executive
Mobile: +44 (0) 7770 865
341
Alan Clegg
Non Executive Chairman
Mobile: +90 543 533 0665
Alexander Mining plc
Tel: +44 (0) 20 7078 9566
Email: mail@alexandermining.com
Website: www.alexandermining.com
Northland Capital Partners
Limited
Matthew Johnson / Gerry
Beaney
+44 (0) 20 3861 6625
(Corporate Finance)
John Howes
(Corporate Broking)
Turner Pope Investments
(TPI) Ltd
Andy Thacker
+44 (0) 20 3621 4120
This information is provided by RNS
The company news service from the London Stock Exchange
END
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