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Neometals signs vanadium offtake with Glencore

Kitco Media
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Neometals (ASX:NMT) announced today it signed an offtake with Glencore.

Glencore will purchase and take delivery of all saleable vanadium bearing products for an initial period of five years.

Securing take or pay offtake for 100% of VRP1 vanadium products represents a significant milestone as we progress towards a 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," said Neometals Managing Director Chris Reed.

Neometals traded up 11% today.

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