PMA sells 9.9pc of Windimurra

WEST Perth-based mineral explorer Precious Metals Australia Ltd has received $13.5 million from the sale of a 9.9 per cent interest in subsidiary Windimurra Vanadium Pty Ltd to Noble Resources Ltd. In addition to the direct investment in Windimurra, the company is now able to call at any time on a three year, unsecured convertible note worth $8.2 million. The investment by Noble in Windimurra provides additional funding for the development of the project. Precious Metals has also finalised an agreement with South African-based Drytech International for the design and manufacture of new vanadium processing equipment, worth $20 million, for its 90 per cent-owned Windimurra Vanadium Mine in the state’s Mid-West region.