Neometals Granted Environmental Permit For Vanadium Project

Neometals Ltd – London-based battery materials from upstream extraction and downstream processing – Granted environmental permit by Regional State Administrative Agency for project in Pori, southern Finland. Permit authorises construction and operation of vanadium recovery plant to produce vanadium pentoxide in Europe. Permit authorises production of about 9,000 tonnes per annum. Vanadium pentoxide is used as a catalyst in many industrial processes. Aventum Partners, Nordic investment bank, appointed to lead debt process.

Neometals, which is listed in both London and Sydney, is earning into a 50% equity interest in a joint venture developing the project, alongside with Australian firm Critical Metals Ltd

Managing Director Chris Reed says: “Congratulations to the Neometals and Critical Metals teams and consultants for achieving this significant milestone. Neometals is also grateful to the people and government of Finland for the significant support. The permit, of which the conditions are now outside public appeal, substantially de-risks the VRP1 project as we prepare to make key investment decisions.”

Current stock price: 62.06 pence, up 1.7% in London on Monday

12-month change: down 14%

Source: Alliance News Limited.