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LONDON (Alliance News) - Aura Energy Ltd said on Monday that the technical review and corporate work on the Haggan Vanadium Battery Metals Project in Sweden is progressing, which is set to culminate in an IPO for Haggan Vanadium on an undecided stock exchange.
The project contains many significant battery metals including vanadium, cobalt, nickel, zinc, neodymium, molybdenum and uranium, and has an inferred resource of 13.1 billion pounds of contained vanadium oxide.
In addition, a detailed test work program is under development which involves the review of previous test work completed in the 2012 scoping study, and will use material from existing drilling programs to investigate options for integrating vanadium processing technology with base metal recovery from the bacterial heap leach.
The test work aims to increase the efficiency of vanadium recovery, reagent consumption and energy requirements to keep the process at low cost.
Concerning an initial public offering for the entity that holds the asset, Aura has conducted a valuation exercise and is reviewing several international exchanges to determine the best location for listing the vehicle. Aura will retain a 70-80% stake in the newly-listed company, but is left open to possible third-party investments or sell downs.
The listing is expected to take place in the second half of 2018.
Shares in Aura Energy were up 4.8% at 1.31 pence on Thursday.
