VR8 raises stake in South African vanadium project to 86.49%
ASX-listed Vanadium Resources (VR8) has increased its interest in the Steelpoortdrift vanadium project, in South Africa’s Limpopo province to 86.49%.
This follows the acquisition of a 5.49% interest in VR8 subsidiary VanRes from black economic empowerment firm Math-Pin in a cash and share deal.
Vanadium Resources in May entered into sale and option agreements with Math-Pin and another shareholder Obeec to acquire sole ownership of VanRes, which holds the Steelpoortdrift project.
Steelpoortdrift is one of VR8’s flagship projects, with the other being the Tweefontein processing project.
An October 2022 definitive feasibility study demonstrated the robust economics of the Steelpoortdrift project, which has a mine life of about 25 years. The project is estimated to have a post-tax net present value of $1.2-billion, and internal rate of return of 42% and a 27-month payback on pre-production capital expenditure of $211-million.
“We are very pleased to have completed the transaction with Math-Pin and welcome their transition from a private shareholder in VanRes to a shareholder of VR8. As a shareholder of VR8, Math-Pin will still be able to contribute to the future capital requirements of the project, while sharing in VR8’s success from the project and any future endeavours.
“VR8’s increased ownership provides the company with a stronger base to raise the required construction financing and achieve the critical pathways to develop the project. We are pleased to have now completed transactions that provide significant value to both parties and align with the regulatory environment of the South African government,” says VR8 chairperson Jurie Wessels.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
