Explorer and developer QEM (ASX:QEM) stated on Monday (December 23) that its Julia Creek vanadium and power mission has acquired coordinated mission standing from Queensland’s Workplace of the Coordinator-Common.
Based on QEM, the declaration will enable the workplace to facilitate regulatory approvals.
The corporate has been working for the final 24 months on environmental baselines wanted for Julia Creek’s environmental affect assertion (EIS), and can now begin getting ready draft phrases of reference for the EIS.
“Coordinated Undertaking standing is one other main milestone for QEM and I welcome the continued help from the Queensland Authorities for brand spanking new and expanded mining alternatives and high-value industries, notably in regional Queensland,” stated QEM Chairman Tim Wall within the firm’s press launch.
Jarrod Bleiji, deputy premier and minister for state improvement, infrastructure and planning, stated the declaration “is one other instance of how Queensland is now open for enterprise beneath the Crisafulli LNP Authorities.”
Julia Creek is positioned in Northwest Queensland, the place it covers 250 sq. kilometres. QEM says the asset is “one of many single largest vanadium deposits on the earth right this moment.”
Its useful resource at the moment stands at 2,870 million tonnes at 0.31 p.c vanadium pentoxide (V2O5), with 461 million tonnes at 0.28 p.c V2O5 within the indicated class and a couple of,406 million tonnes at 0.31 p.c V2O5 within the inferred class.
A scoping examine launched on August 27 reveals that the mission goals to provide roughly 10,571 tonnes of 99.95 p.c pure V2O5 and 313 million litres of transport gasoline yearly over a 30 yr mine life.
The corporate has stated Julia Creek has the potential to create as much as 600 jobs over a two yr building interval and roughly 588 everlasting jobs throughout its operational part.
“The twin-commodity nature of our mission seeks to deal with two pressing wants: long-duration power storage and home gasoline safety,” commented QEM Managing Director Gavin Loyden on Monday.
“The adoption of vanadium stream batteries is accelerating around the globe, and Queensland is uniquely positioned to determine a ‘pit to battery’ manufacturing worth chain. QEM will increase its participation on this worth chain by processing its vanadium pentoxide into vanadium electrolyte for long-duration batteries,” he furthered.
QEM accomplished a AU$2.76 million capital increase for the mission on October 26, with new shares and choices issued to help progress on a prefeasibility examine.
Building is slated for early 2028, whereas a commissioning and operational part is about for late 2029.
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Securities Disclosure: I, Gabrielle de la Cruz, maintain no direct funding curiosity in any firm talked about on this article.
