Australian Vanadium (ASX:AVL) signed a variation to its grant agreement with the Commonwealth for the AU$49 million grant under the modern manufacturing initiative's manufacturing collaboration stream, according to a Thursday Australian bourse filing.
The grant supports the construction and commissioning of the crushing, milling, and beneficiation plant and the high-purity vanadium processing facility of the Australian Vanadium Project in Western Australia, the filing added.
To date, the company has received AU$24.5 million in progress payments under the agreement, and subject to the achievement of project milestones and compliance with the agreement, ongoing funding is to be delivered through re-profiled progress payments totalling up to a further AU$24.5 million, according to the filing.
The company's shares rose 10% in recent Thursday trade.
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