Neometals Ltd announced that Recycling Industries Scandinavia AB (RISAB) is making progress in the lead-up to the Vanadium Recovery Project (VRP1) Financial Investment Decision (FID).
VRP1 is at the funding stage ahead of a decision to develop and produce high-purity vanadium pentoxide (V2O5) from high-grade vanadium-bearing steel-making by-product (Slag) generated in Scandinavia by SSAB EMEA AB and SSAB Europe Oy (collectively “SSAB”).
RISAB has appointed SEB and Aventum Partners, two major Nordic investment banks, to handle the VRP1 funding procedures. Due diligence is being managed by the European Investment Bank, and a preferred banking club, and project finance operations are moving smoothly. Nordic and international investors are showing a strong interest in project-level equity financing.
RISAB, Neometals, and Critical Metals have extended the FID date to 30 September 2023 to allow for extra due diligence evaluation work and discussions with possible lenders. SSAB supports RISAB’s efforts, and the parties are in advanced discussions to formalise a matching extension to the investment decision date under the SSAB slag supply agreement to align with project finance timeframes.
“The project team has made outstanding progress towards financing the Vanadium Recovery Project. We look forward to advancing the financing discussions with the interested parties and progressing to a FID in the coming quarter,” Neometals Managing Director Chris Reed said.
