VHM Makes Significant Progress at Goschen Rare Earths Project
Victoria-based mining company VHM has made significant strides in the development of its Goschen project, with the recent slashing of capital expenditure estimates by 30 per cent marking a key milestone in the project’s advancement. The project, which is set to produce rare earth mineral concentrate and zircon-titania heavy mineral concentrate, is now projected to cost $337 million to develop.
The reductions in costs for non-process infrastructure, pre-production mining, and the processing plant signal a positive trend for VHM as it moves closer to first production. In addition to these cost-saving measures, VHM has also achieved an important approvals milestone with the submission of the findings and recommendation report to the Victorian Minister for Planning.
The next steps for VHM include obtaining a positive assessment of the project’s environmental effects, which will pave the way for the Earth Resources Regulator assessment and relevant permits. The company has also entered into a memorandum of understanding with Yellow Iron Fleet for mining services, with plans to establish a mining partnership agreement for the duration of the project.
Furthermore, VHM has successfully completed a capital raise, securing firm commitments for a $1.8 million placement of new shares. This funding, along with an upcoming share purchase plan to raise an additional $3 million, will support ongoing work programs and working capital as VHM progresses towards a final investment decision on the Goschen project in early 2025.
With these developments in place, VHM is on track to become a key player in the rare earths and mineral sands production sector, positioning itself for success in the years to come. Subscribe to Australian Resources & Investment for the latest updates on VHM and other industry news.
