Vital Metals Secures Environmental Nod for Queensland Tungsten Project

Vital Metals (ASX: VML) has been issued a final environmental authority for its Watershed Tungsten Project in Queensland, clearing away for the grant of the Mining Leases.

The company is partnered with Japan Oil, Gas and Metals National Corporation (JOGMEC) and Macquarie Bank to develop Watershed, which is a ranked amongst the top 10 non-Chinese projects with potential for further growth as it is open along strike and at depth.

JOGMEC have recently secured their right to 30% of the project while Macquarie Bank provided assistance to Vital via a financial facility.

Tungsten is one of a number of “critical elements” that will become increasingly scarce from 2015 according to reports, with the Chinese already accounting for more than half of world appetite.

The company noted that the fundamentals of the tungsten market look strong with price increases in APT being matched by significant new investment in metal production.

Recently, HC Starck announced a joint venture that would allow it to increase its penetration into Asian markets while Xiamen Tungsten Co Ltd announced that it would build a US$160 million hard alloy production plant to meet increasing demand.

Vital plans to develop Watershed as a stable and reliable supply of tungsten concentrate necessary for the production of the tungsten metals that play critical roles from the tungsten carbide buttons on exploration drill bits to the high strength alloys used in the new generation of aircraft.

Watershed Scheelite Deposit currently hosts a Resource of 49.2 million tonnes at 0.14% WO3.

It is located about 35 kilometres northwest of the historic Mount Carbine tungsten deposit, which produced 10,000t WO3 over 16 years, between 1970 and 1986.

The grant of the Environmental Authority is the final step required before the Queensland Department of Natural Resources and Mines is able to consider the grant of the mining leases that make up the project.



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