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Gold|PROJECT|Technology
gold|project|technology

Horizon completes Richmond restructure

16th June 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold developer Horizon Minerals has completed the restructure of its 25% interest in the Richmond vanadium project, in Queensland.


The company last year struck a deal with its joint venture (JV) partner Richmond Vanadium Technology (RVT) to restructure the project ownership into a dedicated incorporated vehicle, which would ultimately list on the ASX through an initial public offering (IPO).

In May this year, the JV partners executed a sale and purchase agreement, agreeing that RVT would be the dedicated IPO vehicle.


All conditions precedent to the transaction have now been satisfied, and the shareholder agreement to govern the operation of RTV until the planned IPO has been executed.

RVT now holds the full interest of the Richmond vanadium project, with Horizon holding 25% of the IPO vehicle, and existing shareholders of RVT holding the remaining interest. The IPO process has also started.

“With the restructure now complete, we can now advance the IPO and ASX listing process and continue progressing the Bankable Feasibility Study for this world class project,” said Horizon MD Jon Price.

RVT is expected to lodge its IPO prospectus in August, and will complete the IPO and its listing in September or October of this year.

A prefeasibility study into the 1.8-billion tonne Richmond project estimated that the project could deliver some 15.64-million tonnes of vanadium over a mine life of 20-years, at an annual production rate of 790 000 t/y of concentrate, producing 12 710 t/y of vanadium.

The study estimated that the project would require a capital investment of A$243-million, and would have an operating cost of A$8.66/lb, with a net present value of over A$1-billion and an internal rate of return of 52%.


Work on the bankable feasibility study for Richmond is currently progressing.

Edited by Creamer Media Reporter

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