Vancouver-based Strategic Resources has successfully applied for reservations over the past-producing Mustavaara mine area, in Finland, and also signed a definitive agreement with the bankruptcy estate of Ferrovan to acquire all of the intellectual property, core samples and storage facilities associated with the mine for €150 000.
Mustavaara is a large vanadium/iron/titanium deposit, which was mined by the Finnish State company Rautaruukki between 1976 and 1985. The vanadium produced from Mustavaara and the nearby Otanmäki deposit accounted for about 10% of the world vanadium production at that time.
Mining was suspended owing to adverse market conditions and the processing facilities were dismantled in 2001.