Production started in January at Atlantic’s Windimurra mine in Western Australia. Ferrovanadium supply from the mine is expected to account for more than a tenth of world supply, helping turn the corner in a sector dominated by China, South Africa and Russia.
If vanadium redox batteries for energy storage become the norm, demand for vanadium will surge and current supply is in no shape to meet that demand.
India’s burgeoning steel demand, which is expected to record even bigger growth than China, will lead to unprecedented demand in coming years for Vanadium, a metal primarily used a steel strengthener.
With talk of supply tightening, vanadium suppliers are preparing to expand production. Increased demand has also led to developments in a number of non-traditional vanadium producing countries.
A global shortage in the vanadium market caused by increased vanadium demand in the steel, aerospace and the battery industries could affect the US, a country almost completely dependent on imports of the metal.
Vanadium redox battery are gaining the attention of commercial operations as well as governments as a large scale energy storage solution.
The Green Giant Vanadium in Madagascar currently is one of the largest vanadium deposits, though expensive extraction costs may hurt economic viability. But the company remains confident in the potential of their unique deposit.
American Vanadium’s Paul Casey discusses a new electrolyte mix has been found to increase the energy capacity of vanadium redox batteries (VRBs) by as much as 70 percent. The new technology could prove the economic potential of Vanadium Redox Batteries if utilized for integrating solar and wind power into the grid.
The demand for vanadium will be driven by high strength low alloy steel, which will be needed in rebuilding Japan’s infrastructure.
There are currently no primary producing vanadium mines in either the United States or Canada despite the fact that the continent contains significant deposits of the mineral. For now, this critical material for both the steel industry and a growing renewable energy market must be imported from overseas.This could change, with plans for mining to start in North America as early as 2012.
Tuesday, January 17, 2012