Vision Blue, the investment vehicle run by mining mogul Mick Davis, has pumped a further US$7mln into Ferro Alloy Resources Ltd (LON:FAR) via a subscription and the issue of loan notes.
The Investment will bring the total invested to date by Vision Blue and its co-investors into Ferro Alloy to US$10.1mln.
The Investment comes on an accelerated timetable which will enable the expansion of the feasibility study for the Ferro Alloy vanadium development in Kazakhstan, as well as improvements on site to the existing operations.
"The Ferro Alloy and Vision Blue teams have worked closely together over recent weeks to enhance the Feasibility Study for the Balasausqandiq vanadium deposit and we are looking forward to reporting on progress in the coming months,” said Davis, who was appointed Ferro Alloy's new chairman earlier this month.
“As we continue our work I am increasingly convinced of the Balasausqandiq deposit's potential to become the leading vanadium asset in the world. Uniquely, Balasausqandiq benefits from a combination of low capital and operating costs, access to infrastructure, an advantageous location and a scale that means it can meet our expectations for significant growth in demand for vanadium - which we foresee due to its growing use in high grade steel and flow batteries."
Separately, Ferro Alloy also announced results for the year to December 2020. During the year revenue increased to US$2.4mln as vanadium pentoxide production from its existing small-scale operations rose by 56%.
Publication of the expanded feasibility study for Balasausqandiq is expected in mid-2022.