Richmond Vanadium Technology appoints DRA Global as engineering services consultant

Richmond Vanadium Technology (ASX:RVT) has appointed DRA Global (ASX:DRA) as engineering services consultant for the bankable feasibility study (BFS) for its Richmond — Julia creek vanadium project in Queensland.

The BFS will build on the positive outcome achieved in the pre-feasibility study which demonstrated a financially viable project based on a 25-year mine life.

Since the pre-feasibility study, RVT has completed and released environmental impact statement (EIS) final terms of reference, received EIS and associated approvals and undertaken multi-user water assessment.

Additionally, Richmond Vanadium Technology has received a $3m investment from Australia’s first vanadium redox flow battery maker, Ultra Power Systems.

With decarbonisation and sustainability high on RVT’s agenda, the company will work with DRA’s specialist team to assist with maximising the use of green energy and reducing its carbon footprint.

RVT and DRA will also work together by locating the study management headquarters in Perth whilst leveraging a Brisbane/Townsville based engineering team for local knowledge.

RVT managing director Dr Shaun Ren is pleased to be partnering with DRA Global.

“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,” he 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.”

Richmond Vanadium Technology is funding the BFS from its $25m initial public offering completed in December 2022.