Richmond Vanadium Adopts Global ESG Reporting Standard

Richmond Vanadium Technology Ltd (ASX:RVT) has adopted the globally recognised World Economic Forum (WEF) Environmental, Social and Governance (ESG) framework, as it looks to make its 100%-owned 1.8-billion-tonne Richmond-Julia Creek Vanadium Project in North Queensland a key player in the world’s transition to a net zero future.
“The RVT board believes that the transition to net-zero will require increased production of vanadium as a key metal for battery energy storage systems,” Richmond Vanadium non-executive chair Brendon Grylls said.
“RVT is determined to proceed to production with high ESG standards including strong social licences, land use practices and resource circularity as critical parameters for our continued success. Stakeholders such as investors, customers and employees are increasingly looking at the ethics, advantage and culture of a company.”
RVT has completed a pre-feasibilty study (PFS) that demonstrates a technically viable and financially attractive development project.
It has also completed process flowsheet using conventional techniques with a provisional patent application lodged with IP Australia covering the method for the concentration of vanadium.
The company is currently completing a bankable feasibility study (BFS) and progressing approvals for the project.
Notably, the Queensland Government declared the Richmond-Julia Creek Vanadium Project to be a Coordinated Project in May 2022, making it the first critical minerals project to be awarded this status.
ESG reporting to feed into bankable feasibility study
RVT’s ESG metrics and sustainability will be incorporated into its BFS at every stage from inception to mine decommissioning, and throughout the supply chain to better enable the company to balance its commitment to the planet, people and profit.
To assist its reporting, the company has engaged impact software company Socialsuite to monitor and disclose its ESG progress and initiatives, with the WEF including core SASB (Sustainability Accounting Standards Board) and GRI (global reporting impact standards) metrics, science-based targets, GHG (greenhouse gas) protocol, and the Taskforce on Climate-related Financial Disclosures (TCFD).
About Socialsuite
Socialsuite’s aim is to make ESG easier, faster and more affordable for sustainability focused companies.
It streamlines data collection, centralises information and reports on ESG progress to create value and maximise impact.
Socialsuite will use its ESG measurement and reporting software platform, which is currently being used by over 165 organisations worldwide including publicly traded companies across the ASX, Nasdaq, NYSE, TSX, and OTC markets and not-for-profit organisations, to ensure RVT meets its ESG goals.
Socialsuite’s software will assist RVT to recognise and unlock the ESG value already present within the organisation, drive long-term responsible and sustainable operations and provide thorough and regular ESG reporting.
“When considering which pathway to take, the board was particularly impressed with the Socialsuite approach, which is that ESG is a journey, delivering change over time and demonstrating actions through reporting. We are pleased to have started this journey and will keep stakeholders informed through regular ESG progress reports,” Grylls said.