Novana is a wholly owned subsidiary of VRP1’s joint venture company RISAB. Credit: USGS on Unsplash.

Australian battery materials producer Neometals has signed an offtake agreement with commodities producer Glencore for all vanadium products developed at the Vanadium Recovery Project (VRP1) in Finland.

Under the agreement, Neometals’ majority-owned subsidiary Novana will be responsible for exclusively selling all the saleable recovered vanadium-bearing products from the VRP1 to Glencore for an initial period of five years.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Neometals said in a statement: “The price payable for the vanadium-bearing products produced and delivered is tied to a prevailing market publication.”

Through a joint steering committee, Glencore will provide technical expertise, including advice and insights, during the VRP1 initial development phases.

Novana is a wholly owned subsidiary of VRP1’s joint venture company, Recycling Industries Scandinavia AB (RISAB).

See Also:

Neometals owns a 72.5% stake in RISAB while Critical Metals holds the remaining 27.5% stake.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Neometals managing director Chris Reed said: “Securing take-or-pay offtake for 100% of VRP1 vanadium products represents a significant milestone as we progress towards an FID this quarter. Removing volume risk on offtake is seen as a key requirement for securing project finance and we have mitigated this risk with the take-or-pay nature of our offtake agreement with a Tier 1 counterparty in Glencore.

“The offtake agreement further emphasises the anticipated future need for high-purity material in the market. This is supported by significant expected demand from the vanadium redox flow battery sector and other potential high purity applications.”