Name of the Project
Vanadium recovery project (VRP1).

Location
Tahkoluoto port, in Pori, Finland.

Project Owner/s
Neometals (72.5%) and Critical Metals (27.5%).

Project Description
VRP1 aims to produce high-purity carbon-negative vanadium pentoxide without building a mine and a concentrator like existing primary producers.

The March 2023 feasibility study proposes an operation with a 300 000 t/y feed rate, with yearly production estimated at 19.1-million pounds of vanadium pentoxide at steady state over a 9.75-year plant life.

The objective of the VRP1 is to design, build and operate a vanadium recovery facility capable of processing 300 000 t/y of metallurgical slag.

The process plant is designed to recover up to 9 255 t/y of vanadium pentoxide.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a net present value, at a 10% discount rate, of $323-million and an internal rate of return of 24.8%, with a payback of 5.7 years.

Capital Expenditure
Capital costs are estimated at $314.4-million.

Planned Start/End Date
A final investment decision is scheduled for June 2023, subject to finance, with construction planned to start in July, and operations in early 2026.

Latest Developments
The joint venture (JV) partners for VRP1 have extended the final investment decision deadline from June until the end of September 2023.

Neometals and Critical Metals have said that special-purpose vehicle Recycling Industries Scandinavia AB (RISAB) is making good progress in the lead-up to the decision.

RISAB has engaged leading Nordic investment banks, SEB and Aventum Partners, to lead the VRP1 financing processes.

Project financing activities are progressing well, with due diligence led by the European Investment Bank and a preferred banking club.

Key Contracts, Suppliers and Consultants
Hatch (prefeasibility study); and Sweco Industry Oy ECS.

Contact Details for Project Information
Neometals, tel +61 8 9322 1182 or email info@neometals.com.au.