2O5 by 2003 with the plant part commissioned by Xstrata. However the full project did not go ahead as vanadium prices fell and deemed the project uneconomic. From 2005-2009 Xstrata was replaced by the Noble group in the JV and substantial capital was injected to restart the project and the plant was modified to produce FeV. Prior to 2010 c.US$558m was invested. Atlantic Limited (“ATI”) entered into an agreement in Aug’10 that allows it to consolidate 100% control of the Windimurra vanadium project. ATI raised US$335m in senior secured notes due by 2018 in Feb’11 in order to complete the construction and commissioning of the Windimurra project. The company expects to complete construction and start operations at Windimurra in 3Q’11 and reach full nameplate capacity by the 1Q’13. The project is expected to produce about 5,700tpa of contained vanadium and once at nameplate, 1Mtpa of iron ore fines from calcine tailings (with an expected average iron content of about 55%) as a by-product of processing raw magnetite-rich iron ore into ferrovanadium. Windimurra contains one of the larger known reserves of vanadium, with an estimated 127.6Mt of vanadium-bearing ore reserves that hold an estimated 340kt of contained vanadium. ATI has an off-take deal with Wengfu (Group) Co. Ltd. and Element Commodities Ltd for five-years and will be the only vanadium production in Australia until at least 2015. www.niplats.com.au/media/articles/...-Equities-Research-July-2011.pdf The Windimurra project located in Western Australia has had a long up and down history dating back to before 1970. From 1998, the Xstrata JV with Precious Metals Australia produced 13,000t V |