Precious Metals Australia Ltd says it estimates that the redevelopment of its contentious Windimurra vanadium project is likely to cost $100 million.
Precious Metals Australia Ltd says it estimates that the redevelopment of its contentious Windimurra vanadium project is likely to cost $100 million.
PMA made the forecast in an announcement to the stock exchange about the appointment of Tony Grey as its new non-executive chairman, replacing The Earl of Warwick, Guy Warwick, who will remain at the company as a non-executive director.
The project was controversially mothballed and part-demolished by previous operator Swiss-based Xstrata Alloys, when the vanadium price plummeted to record lows after the state government invested $30 million in support infrastructure to make it viable.
Last month, PMA appointed engineering group Hatch to carry out a design feasibility study into the redevelopment of the mine.
The PMA announcement can be viewed below.
The board of the Company are pleased to announce the appointment of Mr Tony J Grey as Non-Executive Chairman of the Company.
Tony brings enormous experience in resource project identification, financing,
development and mineral marketing to the board.
Tony was the original founder in 1972 of Pancontinental Mining Limited which he built into a publicly listed major diversified mining house with interests in gold, base metals, coal, industrial minerals and uranium. He is also Chairman of International Ferro Metals Limited which is developing a $280m ferrochrome mine in South Africa.
PMA and its consulting engineers are currently compiling a detailed engineering study for the redevelopment of the Windimurra vanadium mine in Western Australia. The Windimurra vanadium reserve is believed to be the largest in the world. The redevelopment is expected to cost approximately $100m after which Windimurra will be one of the largest vanadium mines in the world. Tony's expertise will be invaluable in the financing, execution of project development and off-take arrangements for the mine.
Tony graduated with a BA in History (Hons) and then a Juris Doctor from the University of Toronto. Thereafter, he practised law with a major law firm in Toronto for seven years.
He immigrated to Australia in 1972 and founded Pancontinental. He exited from Pancontinental in 1992 and became a Director of National Mutual Royal Bank for four years. Thereafter, Tony was appointed as Chairman of Kingsgate Consolidated, a producing gold mining company listed on the ASX. He held this role for four years.
In 1992 Tony became a major shareholder and Executive Chairman of Polartechnics Ltd, an ASX listed biomedical company developing a revolutionary Australian invention of an optoelectronic means of diagnosing pre-cancer cells and cancer. Tony has written books on the history of the Australian uranium industry and Chinese history and numerous articles about the mining industry.
