Mining company Neometals (ASX:NMT) is accelerating activities in the Western Australian Barrambie mine, which has high grade deposits of titanium and vanadium, on the back of the rise in titanium and vanadium prices which are nearing a five-year high.
The company said prices have rapidly increased for the metals due to the increase in demand in the energy storage markets, since the closure of 89 ore processing companies in China due to environmental compliance.
The miner has received regulatory approvals for the mining of around 50,000 tonnes of a bulk sample focused on the higher-grade titanium zones of the Barrambie project.
The miner recently prepared a bulk sample to be tested at the company’s pilot plant in Montreal, Canada, and also completed test work in Western Australia for pilot test work scheduled for the December quarter of this year.
The miner recently appointed a new executive team, including a new General Manager of Marketing and Product Development, Paul Wallwork.
Shares in Neometals (ASX:NMT) closed flat yesterday at $0.40.