Richmond Vanadium Technology Ltd (ASX:RVT) continues to progress its strategy to develop the Richmond–Julia Creek Vanadium Project in North Queensland so that it plays a role in establishing a grid-scale vanadium battery industry in Australia and supporting the global energy transition.
During the June quarter a major milestone was passed on this path with a non-binding collaboration agreement signed with Dalian Rongke Power Group Co., Ltd (RKP) and TS Holdco Pty Ltd to establish a complete localised renewable energy and long-duration energy storage solution in Australia. The latter is Trinasolar International System Business Unit’s (Trina) Australian company.
READ: Richmond Vanadium Technology in collaboration for Australian grid-scale energy storage solution
This agreement will see the parties collaborating to include a potential renewable energy and vanadium battery storage power solution for mining and ore processing at Richmond-Julia Creek.
From left - Trina Solar country manager John Zhong, RVT managing director Jon Price, Rongke Power senior vice president Phillip Krause and RVT chair Brendon Grylls.
Agreement goals
Further test work and design on a new processing pathway from vanadium concentrate directly to vanadium electrolyte will also be completed that could potentially reduce capex and opex at the project significantly.
Other key goals of the agreement are:
- Working with government, industry and academia to demonstrate the superiority of vanadium flow batteries (VFBs) for long duration (+4 hourrs) grid scale stationary battery technology.
- Establishing a localised grid scale (~1GWh) VFB manufacturing and assembly facility in Queensland.
- Working together to provide a complete renewable energy and battery storage cooperative in Australia for domestic and overseas markets.
- Working with government to maximise regional economic benefits to contribute to achieving our energy transition targets.
RVT, RKP & Trina representatives visited Lilyvale Station, Richmond, accompanied by Mayor John Wharton AM of the Richmond Shire Council.
About the project
The 100%-owned Richmond-Julia Creek Project is one of the largest undeveloped oxide vanadium resources in the world with a JORC 2012-compliant mineral resource of 1.8 billion tonnes at 0.36% for 6.7 million tonnes of V2O5 and an ore reserve of 459 million tonnes at 0.49% for 2.25 million tonnes of V2O5.
Richmond-Julia Creek Project is in the mining-friendly jurisdiction of North Queensland, known for large copper mines with facilities and infrastructure to support operations.
Between the towns of Julia Creek and Richmond, the project is about 500 kilometres west of Townsville and 400 kilometres east of Mt Isa on the main east-west Flinders Highway and close to existing infrastructure including the proposed Copper String 2.0 HV network line and Great Northern rail line linked to Townsville Port.
Richmond-Julia Creek Vanadium Project location map.
Key attributes of the project include:
- Large scalable project;
- Fully oxidised free-dig resource;
- Lower carbon footprint compared to titanomagnetite deposits due to easy mining and processing;
- Tested metallurgy with proven technology (completed process flowsheet); and
- Stable mining jurisdiction with access to infrastructure.
EIS and ESG progress
As well as the collaboration agreement, during the June quarter RVT also progressed the Environmental Impact Statement (EIS) for the project and continued to progress its Environmental, Social and Corporate Governance (ESG) journey.
The EIS details anticipated impacts of the project on the environment and local communities, as well as proposing avoidance, mitigation and offset measures.
RVT carried out the following work on the EIS during the quarter:
- Continued works on Cultural Heritage Management Plan, water licensing options, hydrology and offset strategy.
- Completion of Social Impact Assessment.
- Completion of Visual Amenity Study.
- Completion of Progressive Rehabilitation and Closure Plan (PRCP).
- Greenhouse gas (GHG) methodology & Decarbonization Study nearing completion.
- Continuing community and government engagement program.
The company remains on track to submit the draft EIS to the Office of Co-ordinator General during the current quarter.
RVT has adopted the globally recognised World Economic Forum (WEF) ESG framework, which includes core SASB and GRI metrics, Science Based Targets, GHG Protocol and the Task Force on Climate-related Financial Disclosures (TCFD) as the framework to achieve long term sustainability.
ESG activities for the June quarter focused on areas covered by the technical studies being completed as part of the EIS, including Social Impact, Cultural Heritage, GHG and Progressive Rehabilitation and Closure Plan.
These studies are either nearing completion or complete and following a final review which began just after the end of the quarter, information will be incorporated into RVT’s ESG disclosure progress.
Vanadium demand
Demand for vanadium has historically come from the steel and specialty alloy industry accounting for more 90% of production but future demand growth is forecast to be driven by the global adoption of the VFB that is in mainstream use around the world, stabilising existing power grids and storing renewable energy.
These large utility-scale long-duration battery energy storage systems are seen as a key solution for the energy transition.
VFBs are fully scalable, have no risk of fire or explosion, have a long life of more than 25 years and are recyclable with the vanadium electrolyte having an infinite life.
As battery production and scale ramps up, the latest generation of VFBs are also the lowest cost on a levelised cost of storage basis.
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.
Additionally, the Federal Government has released its Critical Minerals Strategy and RVT is working with all levels of government and international partners to ensure value is created along the entire supply chain.
Read more on Proactive Investors AU
