Western Australia is undoubtedly among the most mineral resource-rich regions of the world, boasting 116 predominantly higher-value and export-oriented mining projects, according to the Government of Western Australia’s Department of Mines, Industry Regulation and Safety. The region had resource projects in the pipeline, with an estimated value of $108 billion, as of September 2019.
Recently, Fraser Institute, an independent non-partisan research and educational organisation based in Canada, published an annual mining company 2019 ranking survey, naming Western Australia as the best mining jurisdiction for investment in the mining industry, globally.
Mining Investment Attractiveness Index Rankings (Source: Fraser Institute Annual Survey of Mining Companies 2019)
The survey reviewed mining jurisdictions on the basis of their mineral potential, regulations and policies such as taxation, and ease of setting up and running a mining business. Western Australia topped the list among all the 76 jurisdictions spread throughout the world except for Asia.
The mining attraction is deeply affected by local and federal government policies. Some of which are -
- Taxation policies
- Political stability & uncertainty
- Stability of the mining regime
- Regulatory environment
- Mineral potential of the region
- Power, transport and local infrastructure of the target area
Even within Australia, regions rank differently mostly due to regional government policies, mineral potential and mining environment in the region, and based on the investment attractive index in Australia, Western Australia is at the top.
GVP in WA: World’s Top Jurisdiction for Mining Investment
Another highlight for Western Australia is development of the World’s largest primary Vanadium project by mineral developer and explorer, Technology Metals Australia Limited (ASX:TMT). Yes, you heard it right -World’s Largest Project - Gabanintha Vanadium Project or GVP as it is popularly known.
GVP is located ~40 kilometres south of regional centre of Meekatharra in Murchison District of Western Australia. Large scale of the project is equally complemented by the presence of high-grade vanadium mineralisation within the project area which extends across a 5.5 kilometres long high-grade gabbro mineralisation. GVP is one of the, if not, highest grade, high purity, large-scale, vanadium deposits, yet to be developed, a long-life project.
Western Australian government recognises vanadium as a critical mineral, highlighted by the fact that recently the state government selected GVP as a lead agency project under the Department of Mines, Industry Regulation and Safety’s Lead Agency Framework.
This is an important milestone for the Company and is in line with the support for critical mineral projects by the state government of Western Australia under the “Future Battery Industry Strategy”. Vanadium is an important component for the production of vanadium redox flow batteries.
All You Need To Know About Vanadium Redox Flow Batteries (VRFBs): Read Here
It is to be marked that TMT completed the definitive feasibility study into the project within 3 years of the maiden drilling program. The lead agency recognition will facilitate the project through the permitting and approval process.
Do you want to know what exactly this recognition for GVP means? Click here.
GVP: The Behemoth Vanadium Project
GVP outlasts majority of vanadium projects and mines in terms of its mineral potential, globally. The project holds a total of 131 million tonnes of mineral resources at a grade of 0.9% V2O5 with a total of 29.6 million tonnes of proven and probable reserves at 0.9% V2O5 grade. GVP also ensures more than 98% tonnage conversion, which supports the bulk tonnage mine plan.
A vanadium project of such magnitude is rare, and that too, with a high grade, further enhancing the economics and production capacity of the project.
Technology Metals’ Gabanintha Vanadium Project in Western Australia would be a game changer for the Company as well as for the region, as it holds potential to develop as a low-cost, large-scale, long-life operation, producing high purity vanadium products suitable for both the conventional alloy and burgeoning energy storage market.
Interesting Read: Gabanintha Vanadium Project - Technology Metals’ Shining Armour
TMT last traded at $0.065 on 25 March 2020, with a market capitalisation of $6.95 million.
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