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Aura Energy Limited today confirmed the significant work progress at Häggån Vanadium Project along with reporting a significant rise in vanadium price.
At the end of September quarter Vanadium price was outstanding at US$33.90/lb, a 2-fold increase from last quarter. It reflects the increase of approximately more than 900 percent over the past three years, driven by significant structural shifts in the Chinese steel industry where there has been around 300 percent increase in vanadium use.
In todayâs release of September quarter results, Aura stated that detailed assessment of the capital and operating costs for the HäggÃ¥n Vanadium Project has been completed during the reporting quarter and the study now progresses to the next stage.Â
The report also notified that Definitive Feasibility Study (DFS) at its flagship uranium project, Tiris, is progressing well. Detailed work including engineering operations at Tiris DFS is said to be on track to meet the target completion by year end. The company stated that study is in full progress on several fronts that include metallurgical test work, major bulk sampling, mincore engineering and development of the final process flowsheet. Further, the company has appointed two engineering firms for the purpose of conducting study and estimating cost for Tiris DFS.
But there has been slower than expected progress in the grants of three explorations permits applied by Aura for covering 600 km2 in the area of company owned south gold project, Tasiast. The permit areas cover several greenstone belts which contain gold mineralisation along strike, including the +20 million oz Tasiast deposit and the Tijirit gold deposits currently being actively drilled. However, despite the significant delays in granting of the tenement applications, the company stays positive for its gold and base metals strategy in Mauritania.
The initial work at companyâs HäggÃ¥n battery metals project in Sweden has demonstrated the technically promising extraction of vanadium. It is because acid pressure leach has shown up to 61% vanadium recovery on fresh ore material that had not been subjected to any beneficiation.
Perth-based METS Engineering group was appointed to complete the capital and operating costs estimates for Häggån project, told the company.
In the process of upgrading Häggån Inferred Resource estimate to the Measured & Indicated Category, site drilling has been slower than anticipated. It has been informed that though some drilling will be completed this year, additional drilling is expected to be completed early in next year to meet the requirements of Resource classification upgradation. Currently, the surging Vanadium prices are reportedly supported by low inventory levels with no near-term replacement capacity.
In todayâs trading session, the stock price of Aura Energy Limited (ASX:AEE) traded flat. It last traded at $0.018 with market capitalization of $19.13 million as on 31 October 2018. However, the stock has witnessed a performance change of negative 25% over the past one year.
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