Richmond Vanadium Technology’s ‘Green’ Strategy and Sustainability Commitment

In 2023, Richmond Vanadium Technology Ltd (ASX:RVT) has achieved significant milestones in its ‘green’ critical minerals strategy, aimed at meeting the increasing global demand for vanadium in an environmentally sustainable manner. The company has also prioritised efforts to reduce the carbon footprint of the Richmond-Julia Creek Project in North Queensland. Brendon Grylls, the non-executive chair, highlighted the successful completion of the sale and purchase agreement with Horizon Minerals Ltd (ASX:HRZ) in June 2022, which has enabled RVT to become the sole owner of the Richmond-Julia Creek Project. Furthermore, the successful IPO in late 2022 raised $25 million to fund the completion of a bankable feasibility study for the project.

Key studies such as the bankable feasibility study (BFS) and the Environmental Impact Statement (EIS) have been making progress, with the appointments of Epic Environmental and DRA Global to deliver the EIS and provide engineering services for the BFS, respectively. Under Grylls’ leadership, these studies are progressing in tandem and are set for completion by Q4 2024.

RVT positions itself as a significant industry partner and is collaborating with other vanadium developers, aligning with the Queensland Government’s Critical Minerals Strategy and the Federal Government’s Critical Minerals Strategy. The company aims to educate and engage the public on the importance of vanadium for stationary battery energy storage systems and is actively involved in infrastructure projects to create value along the supply chain.

With a strong focus on clean energy solutions, RVT is committed to evaluating and reducing the carbon footprint of the project, with an ambitious target to adopt an Environmental, Social and Governance (ESG) framework. Notably, the company has embraced the World Economic Forum Stakeholder Capitalism framework and released its first baseline ESG report within the targeted timeframe.

In conclusion, RVT remains dedicated to ESG reporting and pledges to disseminate its progress and improvements to create sustainable value for all stakeholders. The chair expressed gratitude to retired managing director Dr. Shaun Ren for his contributions to the Richmond-Julia Creek Vanadium Project and acknowledged the appointment of Jon Price as the new managing director, succeeding Dr. Ren.