A new option agreement has been signed for the development of a vanadium processing plant at an industrial park north of Queen City, Missouri. The agreement will provide the option to purchase land from the Queen City Industrial Development Corporation for both the construction and operation of the new facility.
Vanadium, a transitional metal, is used in the production of steel alloys and in batteries for the renewable energy industry. The proposed processing plant would extract the vanadium from ore and further process it into battery grade material.
The new agreement is the culmination of negotiations between the Corporation, the property owner, and the entrepreneur. It is a major step towards making the facility a reality. In addition to the main processing plant, the facility will also include a power utility building and a waste treatment operation.
The cost of the individual option rights are currently undisclosed, however, the Corporation has stated that they are more than happy to support the project and will investigate the potential for further investment opportunities.
In addition to the financial investment, the plant has reached an agreement with local businesses to provide employment opportunities. Through the provision of up to 1,000 jobs, the facility has the potential to re-energize the economic growth in the area.
The signing of the option agreement for vanadium processing will bring major investments to the area of Queen City, as well as create new economic opportunities for the residents. With the opening of the new plant, both the businesses and the people of Queen City could benefit from the increased economic activity.