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Australian Vanadium signs letter of intent to evaluate potential sales and services agreement

The letter of intent is with a subsidiary of the world’s third largest vanadium producer, HBIS Group Chengsteel.

Australian Vanadium Ltd - Australian Vanadium signs letter of intent to evaluate potential sales and services agreement
The LOI confirms interest from both parties to discuss a binding purchase and sale agreement

Australian Vanadium Ltd (ASX:AVL) has signed a letter of intent (LOI) to negotiate and sign a binding technical services and purchase agreement for AVL’s vanadium products.

The LOI is with Hebei Yanshan Vanadium and Titanium Industry Technology Research Co Ltd, a subsidiary of the world’s third-largest vanadium producer.

The subsidiary was set up to co-ordinate and commercialise research and development innovation in the steel industry.

As per the LOI, AVL will provide a product sample to Yanshan Vanadium Titanium for testing.

AVL MD to visit HBIS Chengsteel this month

AVL’s managing director Vincent Algar said: “We were invited by Yanshan Vanadium Titanium to attend a conference in Hebei last year and to meet with the company.

“Discussions were productive and highlighted a desire by Yanshan Vanadium Titanium to become more involved in AVL’s Project.

“We are now visiting Chengde this month to further these discussions and move towards a formal agreement.”

AVL continues to advance the development of its world-class Australian Vanadium Project in Western Australia.

Quick facts: Australian Vanadium Ltd

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ASX:AVL
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Market Cap: $25.66 m
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