Bushveld Minerals Ltd. (LSE:BMN) announced that it’s established Bushveld Energy Ltd., a new business that will focus on “developing and promoting the role of vanadium in the growing global energy storage market through application in Vanadium Redox Flow Batteries.”
Mining Weekly reported that Bushveld Minerals (LSE:BMN) is not deterred from developing its 300 million tonnes Mokopane vanadium project despite current low price environment. The company said it sees potential for the use of vanadium in the steelmaking process as well as for vanadium redox flow batteries (VRFBs).
Tengri News reported that a vanadium deposit in southern Kazakhstan is among the world’s five largest.
Hokkaido will harness the power of the wind and sun using vanadium redox flow battery technology.
Vanadium flow batteries could increase demand for vanadium by 10 to 15 percent of current demand in coming years. With most vanadium coming out of China, Russia, and South Africa, there are concerns that new western sources of supply are needed.
Prudent Energy received permission last month to operate the world’s largest vanadium flow battery. Growing commercial use of VRB systems is expected to cause a surge in demand for the mineral.
With BRIC countries set to drive steel demand in the coming years, vanadium should also reap the benefits.
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.
Business Insider reported an interview with economic expert Chris Berry on the effect of electric vehicles on vanadium demand.
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.