WA-based
vanadium developer Technology Metals Australia has announced it will partner
with India’s Tata Steel in a bid to reduce emissions in steel applications.
The vanadium company said it had entered into a non-binding
memorandum of understanding with the Indian steelmaking company, which will see
both parties undertake discussions on the requirements for downstream vanadium
processing in India and Australia.
The deal could also see potential commercial collaboration
in TMT’s Murchison Technology Metals Project, located 50km south of
Meekatharra, and downstream production facilities.
Discussions will also include potential investment by Tata
Steel into TMT.
“TMT is very excited to be partnering with Tata Steel, one
of the world’s largest steelmakers, as well as furthering Australia’s important
trade relationship with India,” TMT managing director Ian Prentice said.
“High purity vanadium pentoxide from the MTMP is important
in producing lower emission ferrovanadium and vanadium nitride, which Tata
Steel utilises in its steelmaking process.
“Together, TMT and Tata Steel can play an important part in
reducing emissions in steel applications as the world progresses towards net
zero carbon emissions.”
Tata Steel strategic procurement vice-president Rajiv
Mukerji said the deal aligned with the company’s strategy to ensure reliable,
stable supplies of raw materials to meet customer requirements.
“Vanadium is a key component in Tata Steel’s steelmaking
process to increase strength and reduce weight, and as our customers
increasingly look to reduce their carbon emissions, we anticipate demand for
these products to grow,” he said.
The MOU was accelerated by the State Government’s Invest
and Trade WA mission to India in July and will be effective for five years.
Shares in Technology Metals were down 2.2 per cent at 43¢
at 10am.