16/10/2007 - 11:49

Precious Metals Australia plans Windimurra name change

16/10/2007 - 11:49

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West Perth-based Precious Metals Australia Ltd plans to change its name to Windimurra Vanadium Ltd in a move to reflect the company's focus on its mid west project, whit it aims to bring into production next year.

Precious Metals Australia plans Windimurra name change

West Perth-based Precious Metals Australia Ltd plans to change its name to Windimurra Vanadium Ltd in a move to reflect the company's focus on its mid west project, whit it aims to bring into production next year.

 

 

The full text of a company announcement is pasted below

The Board of Precious Metals Australia (ASX:PMA) have today announced their intention to re-brand the organisation under the new name Windimurra Vanadium Limited.

The change reflects the Company's focus on its core Windimurra Vanadium project in the Mid West of WA, which it is aiming to bring into production next year.

The proposed name change will be the subject of a special resolution of shareholders at PMA's Annual General Meeting on November 26, and is subject to the approval of the Australian Securities and Investments Commission.

PMA Chairman Michael Kiernan said the Windimurra Vanadium name accurately reflected the company's focus and direction, and was already an established brand within PMA.

"Production of vanadium at Windimurra is our business, and we believe it makes sense for this to be represented in the name," Mr Kiernan said.

"The company is purely focussed on the development of the Windimurra project, and establishing itself as a producer and supplier of high grade vanadium to the world market.

"Windimurra Vanadium is also a name that the market and our employees are already familiar with, and the Board believes the change in name is a logical step forward for the Company," Mr Kiernan said.

Mr Kiernan said the timing was right to make the change, following recent new appointments to the Board and management, and the evolution of the company as it progressed towards production and sales of vanadium from Windimurra next year.

Windimurra, located 600km north east of Perth, is based on one of the largest proven vanadium reserves in the world. Global demand for vanadium is expanding, driven by growth in steel consumption, increasing intensity of vanadium use in developing economies and expanding use of vanadium-titanium alloy in aerospace applications.

Windimurra has the potential to make PMA one of the world's lowest cost vanadium producers. The Company has made considerable progress toward production with major infrastructure components secured, marketing arrangements in place, the appointment of Merrill Lynch to arrange debt financing and securing a build, own, operate and transfer partner, Mineral Resources Limited, for its beneficiation plant.

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