By Christian Moess Laursen

Neometals said Wednesday that one its units has signed an agreement with Anglo-Swiss commodity miner Glencore to supply vanadium products from its project in Finland for an initial period of five years.

The London and Australia-listed mining company said the deal entails the sale and delivery of all vanadium-bearing products produced by Novana, a subsidiary of Recycling Industries Scandinavia, in which Neometals has a 72.5% ownership.

Neometals said the deal is for an initial period of five years, which automatically extends in two-year increments, and the delivery period will begin on Jan. 1. Glencore will also provide technical expertise during the initial phases of the vanadium recovery project.

"The offtake agreement further emphasizes the anticipated future need for high purity material in the market. This is supported by significant expected demand from the vanadium redox flow battery sector and other potential high purity applications," Managing Director Chris Reed said.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

July 12, 2023 03:15 ET (07:15 GMT)

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