Vanadium and uranium producer Protean Energy has signed a technology transfer agreement with the intention of increasing processing and production of vanadium at its Daejon project in South Korea.
Vanadium and uranium producer Protean Energy (ASX:POW) has signed a technology transfer agreement (TTA) with the intention of increasing processing and production of vanadium at its Daejon project in South Korea.
The deal, which is between the Korean Institute of Geoscience and Mineral Resources (KIGAM) and Protean’s 50-percent owned subsidiary, will allow Protean to use the institute’s patents and intellectual property for the processing of vanadium- and uranium-bearing black shale at Daejon.
The Daejon project is currently Protean’s primary focus. Earlier this year, an updated resource estimate was released, which pegs the combined resource at 37.1 million tonnes at 3,000 parts per million (ppm) vanadium pentoxide (0.3 percent) and 120 ppm uranium oxide (0.012 percent) for 248 million pounds (Mlbs) of vanadium (112,490 tonnes) and 10 Mlbs of uranium (4,535 tonnes).
With access to the data from KIGAM, Protean is confident that the company will be able to save time and money that can in turn be invested in increasing production and output.
In addition to historical and seismic data, the TTA also permits Protean to access KIGAM’s purpose-built 1.2-tonne-per-day pilot plant 20 kilometers from the Daejon project area, offering an expedited low-cost opportunity to advance development work.
“With vanadium flow batteries fast becoming the energy storage technology of choice for a range of industrial users, this agreement will dramatically speed up Protean’s process of mining, processing and marketing this mineral,” Bevan Tarratt, executive chairman, said in the announcement.
“This is a key consideration when talking to end users and offtake partners, given that the price of vanadium has risen 137 percent in the past 12 months.”
This recent announcement follows an agreement to allow Australia-based Protean to test 36,000 meters of Daejon project drill core held by KIGAM, which was finalized earlier this month.
Vanadium is considered a valuable industrial metal that is increasingly sought after for its applications in the energy storage sector.
Protean’s share price was down roughly 3 percent on Thursday (August 9), ending the day at AU$0.03.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.