- Alexander has issued an update on its research and development joint venture project for the potential recovery of vanadium from amenable ores announced on 8 Sep.

The JV is between Alexander, Australian company Multicom, and John Webster Innovations Proprietary Limited.

Alexander said Multicom had advised that it had lodged its mining lease application for its Saint Elmo vanadium project in North Queensland and was now awaiting approval from the Queensland State Government so that it could extract a suitable sized sample for the JV test work.

Multicom said it expected this work to commence in Australia in early 2018.

Alexander said that in another important development, Multicom had entered into a binding agreement with New York-based technology developer StorEn Technologies Inc to form a vertically integrated supply chain model for the low-cost manufacturing, sale and distribution of StorEn proprietary vanadium flow batteries.

It said this included a long term exclusive low-cost fixed price StorEn offtake arrangement for any vanadium pentoxide from Multicom's potential mine in Queensland.

Target markets for the StorEn VFB are residential, telecommunications and industrial applications.

Alexander chief executive Martin Rosser said: 'We are delighted with this latest news and look forward to working with our partners on the initial stage test work in early 2018.'

At 9:21am: [LON:AXM] Alexander Mining PLC share price was +0.01p at 0.16p

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