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Publish Date : 02-Jun-2014

POSCO E&C, one of South Korea's largest builders said that it has inked a memorandum of understanding (MOU) with a mineral explorer to develop a large vanadium mine in Australia's Northern Territory.

The company said that the deal reached late previous week with Australian mineral resource developer TNG calls for joint feasibility studies to be conducted at the Mount Peake mine. POSCO E&C will take part in the construction and engineering aspects of the project once a decision is made to move forward.

The builder said that preliminary on-site studies to determine the commercial value of the project were finished in 2012, with partnership talks between POSCO E&C and TNG beginning in earnest late last year. The mine is expected to have 118 Million tons of vanadium.

Vanadium is familiar with produce specialty steel alloys that are resistant to abrasion, and to make vanadium pentoxide, a catalyst for the manufacturing of sulfuric acid.

The MOU highlights a thorough feasibility study that will be performed before any final decision is made on construction and development.

Some Australian business watchers said that the mine could generate sales of up to 136 million Australian dollars (US$126.5 million) for the next 20 years. POSCO declined to elaborate on the possible monetary size of the project.

Mount Peake is 235 kilometers northwest of Alice Springs and is close to current power and transport infrastructure, counting a railway and LPG pipeline. Besides vanadium, the mine contains titanium and iron.

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