Vanadium One Iron inks financing and offtake deal with Glencore
2021-05-14 14:03:17 [Print]
Canadian-based Vanadium One Iron says it has enlisted the support of Glencore via a financing and offtake deal to help develop its high-grade Mont Sorcier iron and vanadium project in Quebec.
Under the long-term arrangement, Glencore would assist Vanadium One in raising at least US$10 million this year, to complete a bankable feasibility study on the project, plus initiate permitting, environmental studies and community agreements.
Glencore would then be granted an initial eight-year offtake agreement for 100% of Mont Sorcier's concentrate production.
This could increase to a life-of-mine offtake agreement if Glencore provided equity or debt funding for project construction on terms acceptable to Vanadium One.
Under the long-term arrangement, Glencore would assist Vanadium One in raising at least US$10 million this year, to complete a bankable feasibility study on the project, plus initiate permitting, environmental studies and community agreements.
Glencore would then be granted an initial eight-year offtake agreement for 100% of Mont Sorcier's concentrate production.
This could increase to a life-of-mine offtake agreement if Glencore provided equity or debt funding for project construction on terms acceptable to Vanadium One.
