VanadiumCorp purchased the intellectual property portfolio covering VanadiumCorp-Electrochem Processing Technology (VEPT) by executing a patent purchase agreement previously agreed with Electrochem.
The company said its VEPT technology, invented by Dr Francois Cardarelli in 2017, offers a lower carbon footprint and maximum recovery of all metal values for vanadium, in contrast to pollutive and limited recovery methods currently being used.
"The acquisition of these IP assets further bolsters our patent portfolio surrounding the green and efficient recovery of vanadium," said VanadiumCorp's chief executive, Adriaan Bakker. VEPT was developed as the central process option for VanadiumCorp's flagship Lac Dore Vanadium project in Quebec.
VEPT replaces conventional pyrometallurgical processes that use either direct soda ash roasting of the magnetite, followed by water leaching, or the arc smelting and slagging of the magnetite, followed by soda ash roasting of vanadium-rich slag.
Bakker added that his firm would be retaining Electrochem for scientific services in the next phase of pilot testing and production, to facilitate commercialisation of VEPT, and to help "formalise our development plans for our strategic mining assets".
The company said in October that an updated resource estimate for Lac Dore vanadium project had assessed it as one of the world's largest undeveloped deposits of vanadiferous magnetite, with in excess of 1.4-billion pounds of vanadium pentoxide (V2O5) in magnetite concentrate.
Cardarelli, also Electrochem's president and owner, added, "I am pleased about the outcome of the provisioned buyout of VEPT to VanadiumCorp and Electrochem will continue to work with VanadiumCorp to speed up the commercialization of the technology, especially in Quebec but also abroad."
