Richmond Vanadium Project a ‘globally significant’ find
RICH PICKINGS: The Richmond Vanadium Project has the potential to be a globally significant resource.
North West Queensland has the potential to become a globally significant supplier of vanadium to the energy storage and steel markets.
ASX-listed Intermin Resources Limited’s shares soared by a quarter after revealing an updated JORC resource for the Richmond Vanadium Project situated between Richmond and Julia Creek.
Interim own five exploration permits, north of Julia Creek and also north-west of Richmond and the global inferred resource for the permits totals 2.579 billion tonnes grading 0.32% vanadium pentoxide at a 0.29% cut-off grade, making it one of the largest vanadium deposits in the world.
China supplies over half the world’s vanadium and recent changes in Chinese policy include the banning of imported metal slag containing vanadium and stricter environmental regulations on Chinese steel mills has seen a dramatic decline in production while demand should to grow significantly in the next two decades from renewable energy storage systems and steel making.
The Richmond project is a joint venture with Chinese backed AXF Vanadium and AXF can earn up to a 75% interest by spending $6 million by 2021 with a feasibility study.
