Australian Vanadium Ltd (ASX:AVL) has completed its management transition as it moves into the construction and operational phases of its namesake project with managing director Vincent Algar announcing his retirement.
The respected executive will retire from the company’s Board of Directors on July 14, 2023, but will continue in a transition role for the next few months, as AVL continues to develop the Australian Vanadium Project in Western Australia.
“Outstanding leadership”
Chair Cliff Lawrenson said, “Under Vincent’s outstanding leadership, AVL has progressed the project successfully through the exploration and study phases, which has provided the company with an exceptionally deep technical understanding of what it will take to liberate and deliver product in an efficient and sustainable manner.
"The outlook for vanadium in both the steel and energy storage markets appears increasingly compelling as global decarbonisation becomes the single biggest priority for the world.”
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Lawrenson said the retirement of Algar completed the management transition which began with the appointment of Graham Arvidson as chief executive officer.
“Vision and enormous contribution”
"The changes we have made to the board and the management transition are integral to ensuring we have the skills and experience in place across the company for the construction and operation of the project under the chief executive officer’s leadership,” he said.
“On behalf of the board, I would like to thank Vincent for his vision and enormous contribution to AVL and look forward to remaining close friends as the company continues to advance this exceptional opportunity.”
About namesake project
AVL is advancing the development of its world-class Australian Vanadium Project at Gabanintha.
This is one of the most advanced vanadium projects being developed globally, with a JORC-compliant resource of 239 million tonnes at 0.73% vanadium pentoxide (V2O5), containing a high-grade zone of 95.6 million tonnes at 1.07% V2O5 and an ore reserve of 30.9 million tonnes at 1.09% V2O5.
“Bright future of AVL”
The outgoing MD said: “Since joining AVL nearly nine years ago, the company’s focus has been on successfully advancing the project through the resource development and feasibility phases and developing downstream opportunities.
"We have defined a robust project and assembled a team with deep expertise across the vanadium industry value chain.
"I am very proud of our achievements and excited by the bright future of AVL as an integral part of a successful vanadium industry in Western Australia.
"I look forward to finalising the leadership transition over the next few months as Graham and the team continue the AVL journey,” Algar concluded.