Vanadium Resources Ltd. Seals Major Supply MOU

Vanadium Resources Ltd. (AU:VR8) has released an update.

Vanadium Resources Ltd. has entered into a 5-year MOU with China’s Panjin Hexiang New Materials Technology Co., one of the largest producers of vanadium nitride, to supply 4,000 tonnes per annum of vanadium pentoxide, which constitutes 37% of its Phase 1 production plans. This partnership underscores the robust demand for vanadium in China and VR8’s strategic efforts to secure off-take agreements in various global markets, including the promising vanadium redox flow battery sector. The MOU, which is open for extension, paves the way for further negotiations and solidifies the company’s footprint in the steel industry through its Steelpoortdrift and Tweefontein projects.

For further insights into AU:VR8 stock, check out TipRanks’ Stock Analysis page.