Yanshan Vanadium Titanium has signed a letter of intent to buy vanadium from Australian Vanadium and invest in its flagship project.
Yanshan Vanadium Titanium, a subsidiary of China’s HBIS Group Chengsteel, is in the midst of negotiating a binding technical services and purchase agreement with the Perth-based producer.
HBS is the world’s third-largest vanadium producer, having provided the Hong Kong-Zhuhai-Macao Bridge in excess of 240,000t of vanadium-bearing anti-seismic rebars and fine steel plates. The company is also one of the largest steelmakers in the world.
Vanadium is primarily used to make steel alloys for space vehicles, nuclear reactors, anti-seismic rebars and plates, and aircraft carriers.