10 October 2022 Advanced vanadium developer, Technology Metals Australia Limited (ASX: TMT) (Technology Metals, or the Company) is pleased to announce that it has entered into a non-binding Memorandum of Understanding (MoU) with Indian steelmaking company Tata Steel Limited (Tata Steel), part of the global Tata Group. Technology Metals is progressing the development of the Murchison Technology Metals Project (MTMP) in Western Australia to produce high purity vanadium pentoxide (V2O5) and is investigating opportunities to move downstream including the production of vanadium electrolyte, ferrovanadium (FeV) and vanadium nitride (VN). Tata Steel, with a consolidated turnover of US$32,836 million for FY22 is the 10th largest steel producer in the world with an annual crude steel production capacity of 34Mtpa. Ferrovanadium and vanadium nitride are used in the steel alloying process in Tata Steel’s facilities to increase strength and wear resistance.
