Critical Mineral Group (ASX:CMG) has completed a detailed power supply Prefeasibility Study (PFS) for the Lindfield Vanadium Project in North Queensland.
The study modelled multiple supply options, including diesel generation only, hybrid solutions that couple renewable generation with storage and diesel backup systems, alongside grid connection.
Critical Minerals, which has a market capitalisation of $14 million, says this report confirms that a hybrid power solution that involves wind and solar generation, formed by long duration battery storage and backed by diesel is the optimal pathway for Lindfield.
As a result, power supply costs will be reduced compared and carbon emissions will be lowered.
Key outcomes of the study includes a hybrid renewable and vanadium flow battery (VFB) option, with 59% reduction nickel manganese cobalt versus diesel only, as well as renewable penetration of up to 75.5%.
The VFB option enables greater penetration of renewable power generation compared to other battery technologies through longer storage duration capability.
Meanwhile, the diesel option has the lowest upfront capital requirement, but the highest long-term costs, with a levelised cost of energy of $0.39 per kilowatt per hour.
Managing Director Scott Winter says this power study shows that hybrid renewable solutions not only deliver the lowest long-term costs for Lindfield, but also highlight the unique advantages of vanadium flow batteries.
“As we advance development of the Lindfield Project, Critical Minerals Group is well positioned to showcase the benefits of Australian mined and processed vanadium in building sustainable, cost-effective power solutions,” Winter says.
Critical Minerals Group is a Brisbane-based company focused on sustainable energy solutions to communities worldwide.
Write to Aaliyah Rogan at Mining.com.au
Images: Critical Minerals Group
