Entry for STT
SHE, Stonhenge Metals, Uranium and Vanadium in South Korea, FA, TA, Long
Stone Henge Metals is due to report its maiden vanadium resource as well as upgrading its uranium resource this quarter (currently at 65mlbs). Results from a scoping study into the development of a mine are due out in Q4. The resource should be capable of supporting an operation for at least 20 years.
Given the potential of the project to supply 25% of South Korea's annual uranium requirement there is likely to be strong support from the government as well as the nuclear industry (23 operating reactors, 10 under construction). 100% of the country's vanadium requirement is currently imported so the potential production of vanadium credits is also a big positive for the economics of Daejon Project. In fact, based on projected prices of vanadium this importance of this mineral to the project is likely to increase in coming years. An initial review into the economics has pointed to opex cost of $14/lb, assuming a 70% extraction of vanadium as a credit. This cost is very low by industry standards and very important for the feasibility of the project due to the current depressed prices of uranium.
From the chart below you can see that the price broke above resistance at 2.3/2.4 cents yesterday. Conformation of the move today gives an initial target of 3.4 cents.![]()
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