Australian mining firm Vanadium Resources (VR8) has signed an agreement with engineering contracting and investment company China Energy International Group (CEIG) to cooperate on the Steelpoortdrift vanadium project in South Africa.
CEIG will provide engineering, procurement and construction services, as well as financing support for the project. The Chinese firm will also help VR8 to finance and develop a solar facility to power mining operations at the site.
“We’re excited about the potential to allocate 100% of our Project’s output to the renewable energy sector, which could open doors to higher growth and higher-margin markets,” stated Jurie Wessels, Executive Chairman of VR8.
VR8 aims to make a final investment decision and begin construction at the Steelpoortdrift project by the third quarter of 2025. The company is also in discussions with a European banking institution and other global partners to advance its downstream strategy.
