PALM BEACH, Florida, December 13, 2018
PALM BEACH, Florida, December 13, 2018 /PRNewswire/ --
Financialnewsmedia.com News Commentary
Vanadium has made a huge comeback in 2018. Vanadium's price rise in 2018 has been nothing short of spectacular rising dramatically from USD $20/lb to above USD $33/lb in October 2018. Prices in China have more than tripled over the course of 2018 as a result of Chinese construction laws requiring vanadium to be used in steel rebar. Vanadium and Energy storage is also a very important disruptive trend resulting in a growing demand for vanadium redox flow batteries which involves storing energy that can later be harnessed for electricity to power our homes, our cars - our future. The International Renewable Energy Agency (IRENA) states Batteries for energy storage could reach 250GW by 2030 as demand for Energy Efficient Batteries is generating new levels of growth. Active mining companies in the markets this week include Delrey Metals Corp. (CSE:DLRY) (FSE:1OZ), Albemarle Corporation (NYSE:ALB), Largo Resources Ltd. (TSX:LGO) (OTC:LGORF), Katanga Mining Limited (TSX:KAT) (OTC:KATFF), First Vanadium Corp. (TSX-V:FVAN) (OTC:FVANF).
Delrey Metals Corp. (CNX:DLRY) (FSE:1OZ) BREAKING NEWS: Delrey Metals Corp is pleased to announce it has entered into and closed a share purchase agreement dated December 12, 2018 (the "Share Purchase Agreement") with WEM Western Energy Metals Ltd., a private arm's length corporation ("WEM"), to acquire all the issued and outstanding share capital of WEM. Pursuant to the terms of the Share Purchase Agreement, the Company issued 4,250,000 common shares of the Company (each, a "Share"). All securities issued pursuant to the Share Purchase Agreement will be subject to a four month statutory hold period.
WEM owns a 100 percent undivided, unencumbered legal and beneficial interest in both the Peneece and the Blackie Vanadium properties (the "Properties"), located in British Columbia. The Properties cover a total area of 2,714 hectares and host vanadium mineralization within large bodies of titaniferous magnetite. Both properties are strategically located on tidewater, near to the small coastal cities of Port Hardy (Peneece - 68km) and Prince Rupert (Blackie - 96km).
About the Peneece and Blackie Vanadium Projects:
The Properties are comprised of large-scale ultramafic complexes which are intruded by gabbroic bodies hosting iron-titanium-vanadium (Fe-Ti-V) mineralization within massive titaniferous magnetite. Two of the gabbro bodies mapped on surface display lateral extents of 4.8km x 0.8km (Peneece) and 1.2km x 0.4km (Blackie).
An initial work program including a high-resolution airborne magnetic survey is planned in the near term on both Properties. Read this and more news for Delrey Metals Corp at https://www.financialnewsmedia.com/news-dlry
Other recent developments in the mining industry include:
Largo Resources Ltd. (TSX:LGO.TO) (OTCQX:LGORF) recently announced record cash provided before non-cash working capital items of $127.5 million and basic earnings per share of $0.14 on record revenues of $149.5 million during the third quarter 2018. Production at the Maracás Menchen Mine for the quarter was 2,563 tonnes of V2O5, representing a new quarterly production record and the Company's strongest quarter of production to date. Mark Smith, Chief Executive Officer for Largo, stated "Largo delivered robust financial performance as a result of record operational output from the Maracás Menchen Mine in the third quarter. The Company also reported the highest ever revenues and operating cash flows to date of $149.5 million and $113.4 million , respectively, and continues to strengthen its balance sheet every quarter. Production at the Maracás Menchen Mine continued to be strong delivering its best quarter of the year with record production of 2,563 tonnes of V2O5. We continue to advance the expansion project at the Maracás Menchen Mine and the Company remains on track to achieve its increased production guidance for 2018."
Albemarle Corporation (NYSE:ALB) recently announced it has signed an Exclusivity Agreement (Agreement) with Mineral Resources Limited (MIN.AX) in relation to the potential creation of a 50/50 joint venture (JV) to own and operate the Wodgina hard rock lithium mine and ultimately develop an integrated lithium hydroxide operation at the resource site. Wodgina, located in the Pilbara region of Western Australia, is a world-class hard rock lithium deposit, with an estimated mine life of over 30 years. The proposed JV, which remains subject to negotiation of definitive documents, would combine Albemarle's world-class lithium production and marketing expertise with Mineral Resources Limited's (MRL) leading regional presence and mining capabilities. Under the terms of the Agreement, Albemarle would manage the marketing and sales of lithium hydroxide produced by the JV via Albemarle'slong term agreement strategy.
First Vanadium Corp. (TSX-V:FVAN.V) (OTCQX:FVANF) recently announced that it has negotiated the purchase of a 1.5% NSR attached to its Carlin Vanadium property in consideration for which it will issue 1,300,000 common shares of the Company to the owner of the NSR. The shares, when issued, will be subject to a hold period expiring four months plus a day after the date of their issuances in compliance with Canadian securities laws. The completion of this purchase is subject to TSX Venture Exchange acceptance. Paul Cowley, President of the Company, stated: "This is a unique opportunity for us at this time to extinguish a 1.5% NSR on the Carlin Vanadium Property and associated advanced royalty payments, all at a deep discount of roughly 67% to the original US$3 million buy-back price established for this NSR. This preserves and focuses our treasury on advancing the project. Upon completion of this transaction, only a 2% NSR will remain attached to the property, with the Company retaining the rights to purchase the remaining NSR for US$4 million."
Katanga Mining Limited (TSX:KAT.TO) (OTCPK:KATFF) recently announced that it has successfully completed the hot commissioning of Phase 2 of its whole ore leach ("WOL") processing facility at its 75% owned subsidiary Kamoto Copper Company's ("KCC") copper and cobalt mine in Lualaba Province, DRC. The commissioning of the pre-leach circuits is continuing as scheduled and is expected to be completed by the end of 2018. A progressive ramp-up of the facility is expected to follow with the objective of achieving full capacity of the WOL plant by the end of Q1 2019. Johnny Blizzard , Chief Executive Officer of Katanga, commented: "We are very pleased to have entered into the final phase of the commissioning of the WOL processing plant project after three years of hard work. Following the commissioning of Phase 1 last year, and the commissioning of Phase 2, we are already seeing the benefits of improved recoveries, more predictable plant performance and looking forward to increasing production."
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