Richmond Vanadium sees massive global shortage of vanadium
July 20, 2023 at 05:16 pm
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Richmond Vanadium Technology Ltd (ASX:RVT) managing director Jon Price predicts a massive global shortage of vanadium supply on the horizon. “Supply is dominated by China, South Africa, Russia and Brazil … and now China is nearly a net importer given its rate of adoption of Vanadium Redox Flow Batteries. We’re looking at demand doubling over the next 4-5 years and the question’s going to be where is that supply going to come from?”
The Richmond Vanadium Project is one of the largest undeveloped oxide vanadium resources in the world with a 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.
RVT released its quarterly report today, reiterating its clear focus to unlock the potential of its world class vanadium deposit to support the global energy transition and be recognised as a trusted global leader in the vanadium market and a long-term stable supplier of high quality vanadium.
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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Richmond Vanadium Technology Limited is an Australia-based minerals exploration company. The principal activity of the Company includes mineral exploration and development with a particular focus on vanadium resources. The Company is focused on advancing its 100% owned Richmond-Julia Creek Vanadium Project in north Queensland. The Richmond-Julia Creek Vanadium Project is a non-titanomagnetite vanadium deposit. The Richmond-Julia Creek Vanadium Project is located in the mining friendly jurisdiction of north Queensland approximately 500 kilometers (km) west of Townsville and 400 km east of Mt Isa on the main east-west Flinders Highway and close to existing infrastructure including a gas pipeline, proposed Copper String 2.0 HV network line and Great Northern rail line linked to Townsville Port. The project consists of five tenements (EPMs 25163, 25164, 25258, 26425, 26426) totaling 1,403 square kilometers (km2) and comprises three main prospects - Lilyvale, Manfred & Rothbury.