VHM Limited, backed by WA billionaire Chris Ellison, owns the globally significant Goschen project in Victoria.
The rare earths and mineral sands company conducted a successful initial public offering in December 2022, raising $30 million at $1.35 a share. It has a market capitalisation of close to $256–265 million.
VHM listing on the ASX comes several months after the company signed a memorandum of understanding (MoU) to supply China’s biggest importer of rare earths concentrate, Shenghe.
VHM is aiming to be a major supplier of critical minerals for renewable energy, technology, and batteries.
The company’s flagship Goschen Project has a substantial deposit of 413,107 tonnes of total rare earth oxide (TREO), with an accompanying world-class mineral sands resource, located north-west Victoria.
The project’s first production is expected in the first half of 2025.
Ellison, Mineral Resources (MinRes) managing director, is VHM’s largest shareholder – and he is not the only iron ore player keen to get their hands on rare earths.
Hancock Prospecting last month made a $60 million investment in Arafura Rare Earth’s Nolans project in the Northern Territory, while Fortescue Metals Group has invested heavily in WA rare earths developer Hastings Technology Metals in order to allow the company to purchase a stake in Canadian magnet maker Neo Performance Materials.