Richmond Vanadium Technology Ltd (ASX:RVT) laid solid foundations in 2023 during its inaugural year as an ASX-listed company to unlock the potential of its world-class Richmond-Julia Creek vanadium deposit in North Queensland.
The project hosts one of the largest undeveloped oxide vanadium resources in the world, with a mineral resource of 1.8 billion tonnes at 0.36% for 6.7 million tonnes of vanadium pentoxide (V2O5).
In reflecting on the year, managing director Jon Price said RVT believed the Richmond-Julia Creek would play a significant role in supporting the global energy transition.
To be “long-term stable supplier”
“RVT is looking forward to another exciting year in 2024 and it is our intention to see RVT become a trusted global leader in the vanadium market and a long-term stable supplier of high-purity vanadium pentoxide,” he said.
After a successful IPO and listing in December 2022, the company has dedicated its efforts to progress a bankable feasibility study (BFS) with a key focus on assessing clean energy solutions and seeking to reduce the carbon footprint of the project.
ESG focus
Guided by this commitment, RVT set an ambitious early target to adopt an Environmental, Social and Governance (ESG) framework, which would culminate in the release of a baseline report in its first year as a listed company.
Price said: “As such, we were thrilled to announce in May that the company had adopted the globally recognised World Economic Forum Stakeholder Capitalism framework and, as part of our Annual Report released in September, we provided our baseline ESG report within our targeted timeframe.”
Vanadium as a critical mineral
RVT has also been buoyed by support for vanadium as a critical mineral by the Queensland and Federal governments.
“The importance of vanadium and the creation of a new industry for Australia has been embraced by the Queensland Government as part of its Critical Minerals Strategy, with significant investment in key infrastructure projects,” Price said.
“We were also thrilled to see the Federal Government release its Critical Minerals Strategy which also highlighted the growing importance of minerals such as vanadium.”
The company is committed to working closely with all levels of government and its international partners to ensure value is created along the entire supply chain.
“On a corporate level, RVT paid tribute to Dr Shaun Ren who stood down as MD after eight years with the company,” the MD said.
“We welcomed Lily Zhao to our board as technical director and I moved from non-executive director to managing director.”