Protean banks $1.45m as it completes sale of KOSDAQ listed DST Co Ltd shareholding
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Special Report: Australian vanadium player Protean Energy has picked up $1.5 million in the sale of its shareholding in Korean-listed DST Co Ltd.
Protean Energy (ASX:POW) flagged the sale of its 1.2 million shares in the KOSDAQ-listed DST last October as it continued to boost its cash position.
It means that the company now has $2.2 million in cash, holding $1.9 million of that itself and the remaining $290,000 held by its two 50-50 Korean joint venture subsidiaries.
After getting rid of its wave energy business last year, Protean went all in on vanadium, focusing its energy on developing its Daejon vanadium project in South Korea.
In September, the company increased its vanadium resource estimate by a whopping 99 per cent, to 490 million pounds of vanadium pentoxide.
It says it will provide the South Korean government with a preliminary mining study in the first half of 2019 on the Daejon project as part of its application to convert its exploration lease to a mining lease.
Further to the above, Protean and DST have mutually agreed not to proceed with an acquisition of an additional 10 per cent of KORID Energy, its fledgling battery subsidiary.
Protean recently tapped Sunkyunkwan University expert Dr Soowhan Kim as technical advisor to help develop the $9.7m vanadium redox flow (VRFB) system.
Protean says it and DST are reviewing the future strategy for Korea Vanadium and KORID Energy “in an effort to ensure shareholder value is maximised”.