Australian Vanadium (ASX:AVL)
has signed a Memorandum of Understanding with Gold miner Westgold Resources (ASX:WGX)
to access water for their Vanadium Project south of Meekatharra, in Western Australia.
Potential benefits of this MOU for water access include shortening of the environmental approvals process; reduced groundwater and environmental impacts and substantial de-risking of the water volume and quality requirements.
They also hope they will have the opportunity to receive funding assistance from NAIF (Northern Australian Infrastructure Fund) during construction by providing community benefits.
Shares in Westgold Resources (ASX:WGX)
closed -1.75 per cent lower at $1.96 yesterday.