Richmond Vanadium Technology (ASX: RVT) is planning to not only develop a globally significant vanadium project, but also a new industry in Australia.
Australia may be recognised as one of the world’s most advanced mining jurisdictions, but significant opportunity remains to strengthen this reputation.
Vanadium is one of these opportunities. While Australia hosts the second-largest reserves of vanadium in the world behind China, it currently does not produce a single tonne of the metal.
Richmond Vanadium Technology (RVT) Managing Director Jon Price is determined to change that by leading the development of the the Richmond–Julia Creek Vanadium project in Queensland. Price is optimistic that RVT’s progress, as well as that of its vanadium peers in Australia, will establish a new industry in the country.
‘We have the resources, we have the expertise, and we need to get Australia’s vanadium out of the ground,’ Price says. ‘Australia needs to be capturing this opportunity through 2026 and 2027, when demand is set to accelerate – we need to be ready, and we have what it takes to become a global player in the vanadium industry.’
Currently, approximately 90 per cent of global vanadium production is used in the steel industry. As vanadium redox flow batteries (VRFBs) – a safe, long‑life, grid-scale energy storage solution – continue to gain traction across the world, demand for vanadium is expected to surge from 2026 onwards.
RVT’s sights are firmly set on supplying vanadium into the emerging VRFB sector, which is expected to play a crucial role in the global shift towards renewable energy.
Price is convinced there is a much broader opportunity for Australia to become more than just a supplier of raw materials in global markets; Australia can become a leader in the vanadium value chain. This ambition will be a key part of the bankable feasibility study (BFS) that RVT is on track to complete in 2025, before making a development decision later in the year.
As the largest vanadium mineral resource of its kind in the world – with 1.8 billion tonnes at 0.36 per cent for 6.65 million tonnes vanadium oxide at 0.30 per cent cut off – the Richmond–Julia Creek Vanadium project has the potential to produce vanadium for more than 100 years, providing the foundation of RVT’s ‘mine to metal to battery’ vision.
The upcoming BFS will take this potential further by assessing in-country recovery to 99 per cent vanadium oxide, electrolyte manufacturing, battery making and renewable energy storage, with Townsville slated to host these activities.
To help enable these downstream capabilities, RVT has established a collaboration agreement with Rongke Power, the world’s largest vanadium electrolyte and VRFB manufacturer.
‘There is an opportunity to create a brand-new industry from scratch – it’s going to be special,’ Price says.
‘But we need everybody on board – from governments to the banks, equity markets, superannuation funds, battery installers and more – all working in unison to make this a reality.’
