ASX:SMS

Australian Vanadium Terminates 2017 Mineral Rights Sale Deal With Albright Metals; Shares Down 4%

Australian Vanadium (ASX:AVL) signed an agreement with Albright Metals (ASX:ABR) to terminate the 2017 Gabanintha mineral rights sale agreement, according to a Thursday filing with the Australian bourse.As a result, Albright Metals' rights and interests regarding the secondary minerals from the Australian Vanadium project in Western Australia will revert to the company, the filing said.The company is also expected to pay Albright Metals AU$1.8 million, including AU$500,000 cash and AU$1.3 million in shares.Additionally, the company's 0.75% net smelter return royalty over Star Minerals' (ASX:SMS) Tumblegum South project will be transferred to Albright Metals, per the filing.Australian Vanadium shares fell nearly 4% in midday trade Thursday.