Richmond Vanadium Technology Ltd (ASX:RVT) has engaged DRA Global as engineering services consultant for the bankable feasibility study (BFS) on its Richmond-Julia Creek Vanadium Project in North Queensland.
The BFS will run in parallel with an Environmental Impact Statement (EIS) until Q4 2024 and is set to be delivered along with an Environmental Authority and Progressive Rehabilitation and Closure Plan to support a future Mining Lease grant.
Why DRA Global?
Recognised as a leading multi-disciplinary engineering group with a substantial international footprint, DRA Global specialises in project delivery and operations management predominantly in the mining, minerals and metals industry.
With a reputable track record spanning almost 40 years and boasting more than 8,000 projects and managed services solutions, DRA brings a wealth of experience to the project.
The onboarding of DRA marks a significant stride in the ongoing development of the project, which is set to build on the positive outcomes highlighted in the pre-feasibility study (PFS), released in October 2020 and updated in August 2021.
“We are very pleased to have attracted an engineering services consultant of the quality of DRA Global to work with the RVT team as development of the Richmond-Julia Creek Vanadium Project progresses,” Richmond Vanadium managing director Dr Shaun Ren said.
“DRA has delivered a number of significant projects in Australia and overseas across a diverse range of commodities including vanadium. This experience will be invaluable for RVT as the BFS moves towards completion by Q4 2024.”
Executing BFS and driving green initiatives
RVT and DRA will work closely to execute the BFS. The study management headquarters will be established in Perth, while an engineering team based in Brisbane and Townsville will provide localised expertise in Queensland.
This collaboration aligns with RVT's environmental, social and governance (ESG) focus, as the company continues to prioritise decarbonisation and sustainability.
Committed to a greener future, RVT is enthusiastic about its partnership with DRA's team of specialists to drive its green energy initiatives and achieve its carbon footprint reduction objectives. This will include early assessments and future-focused modelling to ensure the Richmond-Julia Creek Project aligns with RVT’s overarching sustainability goals.
The BFS is being funded by RVT’s well-supported $25 million (before costs) IPO in December 2022
RVT has finalised several phases of work since it completed the PFS. These will be input into the BFS and include:
- Environmental Impact Statement (EIS) final Terms of Reference released;
- Epic Environmental appointed to deliver EIS and associated approvals;
- multi-user water assessment undertaken;
- $3 million investment in Australia’s first vanadium redox flow battery maker, Ultra Power Systems; and
- metallurgical sample from within the Stage 1 pit area taken for independent confirmation testing of RVT’s patented process flowsheet.