- Technology Metals Australia Limited executes memorandum of understanding (MOU) with Tata Steel Limited, one of the world's largest steel manufacturing companies
- MOU establishes a framework for discussions on the offtake of vanadium pentoxide and other downstream vanadium products
- Accelerated by the McGowan Government's Invest and Trade WA mission to India
The State Government welcomes advanced vanadium developer Technology Metals Australia Limited's announcement that it has entered into a non-binding MOU with Indian steelmaking company Tata Steel Limited.
The execution of the MOU was accelerated by July's Invest and Trade WA mission to India, which was led by State Development, Jobs and Trade Minister Roger Cook and International Education Minister David Templeman.
Representatives from Technology Metals joined the State's largest ever business delegation, which visited four Indian cities over eight days from 12 to 19 July.
Located 50 kilometres south of Meekatharra, Technology Metals' Murchison Technology Metals Project (MTMP) includes the Gabanintha and Yarrabubba vanadium deposits and is one of the highest-grade vanadium projects in the world.
Technology Metals is developing the MTMP to produce high purity vanadium pentoxide and investigating opportunities to move downstream, including the production of vanadium electrolyte, ferrovanadium and vanadium nitride.
Part of the global Tata Group, Tata Steel is the 10th largest steel producer in the world, with an annual crude steel production capacity of 34 million tonnes per annum.
Ferrovanadium and vanadium nitride are used in the steel alloying process in Tata Steels' facilities to increase strength and wear resistance of its steel products.
The MOU establishes a framework for discussions on the offtake of vanadium pentoxide and other downstream vanadium products.
Technology Metals and Tata Steel will investigate downstream technical collaboration with scope for joint development of ferrovanadium production facilities in Western Australia and India.
Discussions will also include potential investment by Tata Steel into Technology Metals and/or the MTMP.
Comments attributed to State Development, Jobs and Trade Minister Roger Cook:
"Congratulations to Technology Metals and Tata Steel for entering into this MOU, which has the potential to deliver benefits for both companies, as well as Western Australia and India.
"It is a prime example of how our recent mission to India has opened doors, leading to greater investment and collaboration between WA and India.
"This successful mission was the biggest ever to leave WA shores with an extensive program of government and corporate meetings, industry briefings, roundtables and one-to-one business matching.
"The McGowan Government is committed to enhancing the State's strong relationship with India, which is underpinned by common values, strong people-to-people connections, and substantial trade and investment links."
Comments attributed to Mines and Petroleum Minister Bill Johnston:
"The MOU between Technology Metals and Tata Steel is great news for WA's growing battery and critical minerals industries.
"Beyond steel production, downstream vanadium products are an essential input for emerging energy technologies.
"Vanadium electrolyte is used in the manufacturing of vanadium redox flow batteries, which are used to provide long-term storage for electricity systems.
"Technology Metals' Murchison Technology Metals Project is an exciting example of the battery and critical minerals opportunities WA has to offer global investors."
State Development, Jobs and Trade Minister's office - 6552 6500
Mines and Petroleum Minister's office - 6552 6700