West Perth-based Precious Metals Australia Ltd has secured the principal environmental approvals necessary to reconstruct and commence operation of the Windimurra vanadium mine, the company has announced.
The full text of a company announcement is pasted below
Precious Metals Australia (ASX:PMA) is pleased to announced it now has the principal environmental approvals necessary to reconstruct and commence operation of the Windimurra vanadium mine, 600km north east of Perth.
While the original Windimurra mine received environmental approval in 1998, the design for the reconstruction of the Windimurra mine contained a number of process improvements that were yet to be approved.
PMA has received a Section 45C Non Substantial Change approval notice from the Environmental Protection Authority for these process improvements.
PMA Managing Director Dr Iain Scott said the combination of the Section 45 notice and the earlier 1998 approval meant the company now has the principal environmental approvals necessary to reconstruct and commence operation of the Windimurra vanadium mine.
"This is another significant development for this historic project," Dr Scott said.
"The approvals further remove risk from the redevelopment and continue the strong progress toward recommencement of production at Windimurra," he said.
Receipt of the approvals continues the successful development of the project in recent months. This has included the appointment of Merrill Lynch to secure a $200 million debt funding package and the signing of a 10 year, $300 million contract with Mineral Resources to build, own, operate and transfer the beneficiation plant.
PMA is expected to commence production at Windimurra mine in the second half of 2008. The mine is expected to produce 6,400 tonnes per annum of ferrovanadium, which will represent approximately 7% of the world market.
