Windimurra Vanadium Name Change Complete
Wednesday, December 19th, 2007
Precious Metals Australia has formally commenced trading as Windimurra Vanadium Limited, and will be listed on the Australia Stock Exchange under the code â€œWVLâ€ as at 20 December 2007.
The change of name received more than 99% support from shareholders at the recent Annual General Meeting. It reflects the Companyâ€™s focus on its core Windimurra Vanadium project in the Mid West of WA, which it is aiming to bring into production in the second half of next year.
Following shareholder approval, the change has now been approved by the Australian Securities and Investments Commission. The Companyâ€™s head office and telephone contact details remain the same, with the Company website now available at www.windimurra.com.au
Windimurra Vanadium Managing Director, Dr Iain Scott said the name and brand better reflected the companyâ€™s focus and direction.
â€œThe timing was right to make the change as the company progresses towards production and sales of vanadium from the low cost Windimurra mine in the last half of 2008,â€ Dr Scott said.
Windimurra, located 600km north east of Perth, is based on one of the largest proven vanadium reserves in the world. Global demand for vanadium is expanding, driven by growth in steel consumption, increasing intensity of vanadium use in developing economies and expanding use of vanadium-titanium alloy in aerospace applications.
Its world-class project has the potential to make Windimurra Vanadium one of the worldâ€™s lowest cost vanadium producers. The Company has made considerable progress toward production with the appointment of Merrill Lynch to secure a $200 million debt funding package, the signing of a 10 year, $300 million contract with Mineral Resources to build, own, operate and transfer the beneficiation plant, the receipt of the projectâ€™s principal environmental approvals and the securing of gas supply.