Australia-based Atlantic subsidiary Midwest Vanadium (MVPL) has raised funds of $335m for the construction and commissioning of MVPL’s Windimurra vanadium project located in Western Australia.
The funds will also be used to retire all external debts of MVPL to provide further working capital and to acquire certain related assets.
The project is located about 600km north of Perth and 80km from Mount Magnet in Western Australia.
The Windimurra deposit lies within the eastern flank of the large Windimurra intruded layered gabbro complex, which is part of the regional Murchison granite-greenstone province.
The project is expected to begin production in the third quarter of 2011.