The previous estimate was 44Mt at 22.18% titanium and 0.63% vanadium, with the cut-off in the new estimate being dropped from 15% titanium to 10% titanium.
Neometals believes Barrambie's multi-commodity resource and applicable processing technology will disrupt the titanium industry, with a prefeasibility study in 2015 estimating all-in sustaining costs of about US$750 per tonne of titanium hydrolysate versus a price last year of around $3000 per tonne.
Production was put at nearly 100,000t per annum (plus vanadium and iron oxide), and capex around $550 million.
Prices for vanadium have also significantly increased in recent times.
Titanium is principally used as an additive in paints, plastics, paper and ink with the balance (15%) used to produce tita...