Sir Mick Davies’ Vision Blue Resources is investing another US$7M in Kazakhstan’s Ferro-Alloy Resources (FAR) in line with the subscription agreement announced last March. The Investment will bring the total invested to date by Vision Blue and its co-investors into Ferro-Alloy Resources to US$10M. The funds will be used for the improvement of Ferro-Alloy Resources’ existing operations and for the expansion of the feasibility study currently underway for the development of FAR’s Balasausqandiq project in Kazakhstan.
FAR’s existing operations produced only 237t of V2O5 in 2020 but the company aims to increase production capacity to 1.5ktpy in 2022 with the installation of a new electric arc furnace (EAF).
Ferro-Alloy Resources Limited (LON:FAR) is developing the giant Balasausqandiq vanadium deposit in Kyzylordinskaya oblast of southern Kazakhstan. The ore at this deposit is unlike that of nearly all other primary vanadium deposits and is capable of being treated by a much lower cost process.