Daejon Vanadium Mining Study Update
- Mining Study on the company’s Daejon, South Korea vanadium/uranium project advanced, with final report expected Q1 2019
- Major aspects addressed include: Mining Method, surface infrastructure, landholder approvals, processing pathways applied to the yogwang deposit
- Alongside the Mining Study the company continues to engage independent registered geologist, Daeheung Mining, in finalising a mining excavation plan
- The scoping study along with minerals extraction plan will be used to progress the Company’s tenure to a mining lease
Protean Energy Ltd (Protean, POW or the Company) is pleased to advise that it has made significant progress in the finalisation of a Mining Study and mineral excavation plan targeting its Daejon vanadium/uranium project
Following the successful increase of the Daejon mineral resource estimate by 99% to a combined 490 mlbs of V2O5 @ 0.3%1 the Company has engaged two independent geological firms, Geogeny and Daeheung Mining, based in South Korea to work alongside Optiro Pty Ltd in progressing the two studies which form the basis of advancing the Daejon tenements to a mining lease.
Figure 1 General layout of proposed underground access surrounding the quarry in Yogwang
Mining Method
Geogeny has conducted geotechnical investigations including scanline surveys, geotechnical logging and laboratory testing to characterise the rock mass properties in the area. As a result the mining method that has been selected is Longitudinal Longhole Stoping (LLS) for the orebody over a dip of 60˚ and Transverse Longhole Stoping (TLS) when the inclination is lower than 60˚.
Figure 1 Layout of conceptual stope design
Commencement of 1MW/4Wh Vanadium Battery Project
ASX Announcement 29 November 2018
- KORID Energy has commenced the vanadium redox flow battery project with the Korean Institute of Energy Technology Evaluation and Planning (KETEP), in which it receives AU$3.0M in project funding.
- The AU$3.0M funding commitment forms part of a larger AU$9.7M project being undertaken by KETEP to demonstrate the most efficient vanadium battery solution, for eventual massproduction in South Korea.
- The trial commencement will fund the provision of Protean’s patented V-KOR stack technology for KETEP’s 1MW/4Wh vanadium redox flow battery project, which is anticipated to run for 96 months.
- The project commencement is a milestone moment for Protean as it embarks upon developing its battery stack technology for large scale electricity grid battery installations.
- IP developed through the project collaboration will be available to KORID Energy, which will further enhance the V-KOR battery technology.
Protean Energy Ltd (Protean) is pleased to announce that KORID Energy, a 60% owned Protean subsidiary1 , has commenced works on the 1MW/4Wh vanadium redox flow battery project with the Korean Institute of Energy Technology Evaluation and Planning (KETEP). Protean received a project funding commitment of AU$3.0M to install and run its patented V-KOR stack technology as part of a AU$9.7M vanadium battery project in South Korea2 .
KETEP is administering the project and the grant, where the patented V-KOR stack technology will be integrated with a 1MW/4Wh vanadium redox flow battery (VRFB).
The V-KOR stack technology is an energy storage system that stacks a series of repeating cell frames to form a number of cells within the overall battery stack - improving battery performance and lowering manufacturing costs, compared to conventional VRFB technology.
KORID is focused on developing its battery stack technology for large scale electricity grid battery installations and the KETEP 1MW/4Wh battery commencement is a significant milestone for the company
Appointment of Lead Korean Engineering Consultant
ASX Announcement 18 October 2018
- Following finalisation of a AU$3 million funding commitment for its battery technology Protean has engaged Mr. Henry Kim as Australian engineering consultant
- Mr. Kim is Korean-speaking and holds a masters degree in electrical engineering and has extensive experience in project management and design
- Proven track record in the supply of design solutions for transmission substations and electrical distribution
- Significant experience includes: Ichthys Combined Cycle Power plant, Newman Power Station BSS Project, Roy Hill Iron ore mine process plant
- Mr. Kim will be integral in the development and implementation of the 1MW/4MWh KETEP battery project
Protean Energy Ltd (Protean or the Company) is pleased to advise that Mr Henry Kim has been appointed as lead Australian electrical engineer. Mr Kim in his role as development manager will lead the development and implementation of Protean’s V-KOR battery technology.
Following the recently announced funding commitment of AU$3 million to assist in the development of a 1MW/4MWh vanadium redox flow battery system in South Korea Protean is strengthening its battery technical team.
Mr. Kim has gained significant experience in electrical systems, including large scale battery, engineering and project management:
- Newman Power Station BSS project: Electrical Field & Commissioning Engineer
- Monadelphous, Icthys CCPP Project: Electrical & Instrument Project Engineer
- Samsung C&T, Roy Hill Mine Site: Electrical & Instrument Engineer
The Company welcomes Mr. Kim and is looking forward to his contribution.
ABOUT PROTEAN ENERGY LIMITED (ASX: POW)
Protean Energy Limited is focused on the commercialisation of the V-KOR vanadium battery energy storage systems via its Korean joint venture subsidiary KORID Energy Ltd. Protean is also developing a multi‐energy mineral project in South Korea through its 50% holding in Protean Korea Limited (SHK). SHK is a Korean JV company with two KOSDAQ-listed industry partners being DST Company Ltd (DST) and BHI Co Ltd (BHI). SHK owns 100% of the rights to 3 projects in South Korea, including the Company’s flagship Daejon Vanadium Project.
OUR TEAM
Mr Wayne Loxton Technical Director Mr Loxton has experience spanning 30 years including formulating project development strategies, completing feasibility studies, conducting due diligence, executing capital raisings, mergers, acquisitions, asset divestments and introduction of best practices. In the resource sector Mr Loxton has corporate and operational experience in gold, base metals and bulk commodities incorporating both underground and open-pit mining operations. Mr Loxton has been involved in numerous project evaluations within Australia and overseas including the completion of strategic and commercial due diligence studies, bankable feasibility studies, project construction and the negotiation of offtake agreements. Mr Loxton has been directly involved in Perilya Ltd, Allied Gold Ltd and Zapopan NL. | |
Mr Bevan Tarratt Executive Chairman (B.Com). Mr Tarratt has an extensive background in the accounting and financial services industries having worked in various local accounting and broking firms for the past 10 years. He is a former director of Pura Vida Energy NL an Australian-based African oil explorer listed on the ASX. In addition Mr Tarratt has a comprehensive practical business background having owned various medium sized retail businesses | |
Mr Young Yu Non-Executive Director (B.Bus, MBA, CPA). Mr Yu is an experienced professional businessman with private and public sector experience in finance, consulting, trade and international business in both Australia and Korea. He is a Certified Practising Accountant and holds a Bachelor of Business (Accounting) Degree and an MBA from Curtin University in Western Australia. Mr Yu worked as the Trade Commissioner to the Australian Trade Commission within the Australian Embassy in Seoul, Korea and was responsible for Mineral & Resources, Industrial and Investment sectors since 2008. He was the Regional Director / Representative for the Western Australian Trade and Investment Office in Seoul, Korea for four years since 2004. | |
Mr David Wheeler Non-Executive Director Mr Wheeler has more than 30 years executive management experience, through general management, CEO and managing director roles across a range of companies and industries. He has worked on business projects in the USA, UK, Europe, New Zealand, China, Malaysia, and the Middle East (Iran). |
