HIGHLIGHTSMEMORANDUM OF UNDERSTANDING EXECUTED WITH SHAANXI FENGYUAN VANADIUM TECHNOLOGY DEVELOPMENT CO, LTD.FENGYUAN IS ONE OF CHINA’S LEADING PRODUCERS OF VANADIUM NITROGEN ALLOY (VN) WITH PRODUCTION CAPACITY OF 10,000 TPA VN.MOU ESTABLISHES THE FRAMEWORK FOR A BINDING V2O5 OFFTAKE AGREEMENT COVERING 3,000 TPA OF TMT’S PROPOSED AVERAGE 12,800 TPA V2O5 PRODUCTION.THE AGREEMENT IS INTENDED TO BE FINALISED IN THE COMING MONTHS.CONVERSION OF CNMNC MOU TO A BINDING AGREEMENT PROGRESSING WELL WITH SHORT EXTENSION OF TERM AGREED TO FACILITATE ITS CONCLUSION.TMT NOW HAS APPROXIMATELY 40% OF PROPOSED AVERAGE ANNUAL PRODUCTION COVERED UNDER OFFTAKE MOU’S.BACKGROUND
TMT Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held
