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AVL FIRST TERM SHEET FOR IRON TITANIUM COPRODUCT SIGNED WITH TIANZHU STEEL

  • Thursday, September 1, 2022
  • Source:ferro-alloys.com

  • Keywords:鐵合金,鋼鐵,鎢鉬釩,鎢精礦,鉬精礦,釩鐵,釩氮,鉬鐵
[Fellow]AVL FIRST TERM SHEET FOR IRON TITANIUM COPRODUCT SIGNED WITH TIANZHU STEEL

[Ferro-Alloys.com] AVL FIRST TERM SHEET FOR IRON TITANIUM COPRODUCT SIGNED WITH TIANZHU STEEL

Conversion of Letter of Intent to Term Sheet for sale of AVL’s FeTi coproduct

KEY POINTS

AVL completes first Term Sheet with end user steel mill for sale of iron titanium (FeTi) coproduct from the Australian Vanadium Project.

Term Sheet is key milestone confirming market interest in coproduct as AVL continues to develop FeTi customer base in China and South East Asia.

Wingsing International Limited, the commercial arm of Tianzhu Steel has signed a conditional Term Sheet for an initial 50,000 tonnes per annum (tpa) of AVL’s FeTi coproduct, with option to increase volumes after the first year.

Tianzhu Steel has an annual steel production of 5 million tonnes per annum (mtpa) from its mill in Hebei Province, P.R. China.

AVL plans to produce approximately 900,000 tpa of FeTi coproduct from the Australian Vanadium Project, after production of approximately 11,000 tpa of vanadium pentoxide from its proposed mine and processing facility in the Mid West region of Western Australia.1

The FeTi coproduct will be shipped from port facilities at Geraldton.

The non-binding Term Sheet extends the terms of the LOI and is the next step towards finalising a binding offtake agreement.

Australian Vanadium Limited (ASX: AVL, “the Company” or “AVL”) is pleased to announce that it has signed a non-binding Term Sheet with Wingsing International Limited, the commercial arm of Tianzhu Steel. The Term Sheet is a further step from the Letter of Intent signed in March this year.2

Tianzhu Steel is a private owned enterprise (POE) with a mill located in the coastal Hebei province of China. Tianzhu Steel is currently under a relocation and expansion project to increase its steel

capacity to approximately 7mtpa. Tianzhu Steel is famously known to be innovative in using various types of iron ore products and it is expected that the showcase effect with Tianzhu Steel’s usage will help with the potential proliferation and recognition of AVL's unique product going forward.

Managing Director, Vincent Algar, comments, “We are delighted to make this progression with Tianzhu Steel to lock in supply of this unique product which is able to cost effectively improve mill operational efficiency. We will continue to progress the agreement through to binding offtake as we work to secure finance for the Australian Vanadium Project and commence construction.” The Term Sheet is non-binding and has been prepared to list the key clauses which the parties intend to incorporate into future sales and purchase agreements for AVL’s FeTi coproduct. The parties have agreed to negotiate and enter into a formal offtake agreement in replacement of the Term Sheet. The Term Sheet outlines the product specifications, a term of 3 years from commencement of production and an annual quantity of 50,000tpa for the first year with mutual agreement of the quantity from year two onwards.

The Term Sheet includes provisions for trial materials as they become available, as well as better definition of pricing formulas. The Term Sheet remains in full force until the earlier of the date the Term Sheet is replaced with the Offtake Agreement or at any other time by mutual agreement between the parties. The price of the FeTi coproduct will be referenced to the 62% Fe Platts Iron

Ore Index or other agreed price index, with a mutually acceptable price adjustment reflecting the market situation at the time and based on amicable consultation.

  • [Editor:tianyawei]

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