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Construction Of Vanadium Electrolyte Manufacturing Facility Underway
August 14, 2023
Long lead time items received and EPC contract awarded
Australian Vanadium Limited (ASX: AVL, “the Company” or “AVL”) has appointed engineering group Primero Group Limited (a subsidiary of NRW Holdings, ASX: NWH), to construct its vanadium electrolyte manufacturing facility in Western Australia. Most long lead items have now been received.
KEY POINTS
- Construction is underway at AVL’s vanadium electrolyte facility in Western Australia.
- AVL and Primero Group have signed an engineering, procurement and construction (EPC) contract for Primero Group to undertake the construction of the facility.
- U.S. Vanadium LLC (USV) proven electrolyte manufacturing technology being deployed, de-risking construction and start-up.1
- Facility designed to produce up to 33MWh per year of vanadium flow battery (VFB) high purity electrolyte.
- Australian Government grant of $3.69 million co-funding commercial vanadium electrolyte facility development.2
The Company has appointed experienced operations professional Simon Rough to safely manage the facility through construction and into production. Simon’s extensive experience in vanadium processing and sulphuric acid production makes him a perfect fit to lead the team to successful production of high-quality electrolyte.
CEO, Graham Arvidson comments, “It is satisfying to see the progress being achieved by the team as AVL’s vanadium electrolyte manufacturing plant starts to take shape. Using USV’s proven electrolyte manufacturing technology, AVL aims to become a trusted supplier of vanadium electrolyte within Australia and beyond. We are pleased to have welcomed Simon onboard to manage the facility and work with the existing team, utilising in house electrolyte knowledge and relationships that have been built with companies such as USV and VFB manufacturers. The implementation of the electrolyte plant provides an ideal opportunity for AVL to put into practice, test and further mature its systems, processes and management systems that will ultimately underpin the larger Australian Vanadium Project.”
Figure 1 Equipment for vanadium electrolyte production – L-R bag unit and electrolyte tank
Simon Rough has 20 years of processing and operational experience. He has safely led high performing teams in hydro and pyrometallurgical operations, vanadium processing and sulphuric acid production.
AVL holds the exclusive licence of USV’s process technology for manufacturing vanadium electrolyte for Australia and New Zealand.1 This technology has been used for the design of the vanadium electrolyte manufacturing facility which is being built in the northern Perth suburb of Wangara. Partnering with Primero Group, AVL has developed the facility design to comply with Australian standards and requirements.
Until production of vanadium oxides from AVL’s Midwest Processing Hub commences, vanadium oxide feedstock for the electrolyte facility will be sourced through AVL’s agreement with USV and third-party sources.
AVL was awarded a $3.69 million Federal Government grant in 2021,2 with part of the funding allocated to building and operating a commercial vanadium electrolyte manufacturing facility in Western Australia, to support the commercialisation of VFBs.
AVL aims to produce vanadium electrolyte for commercial use in VFBs by November 2023 and is working on offtake agreements for the produced product.
Click here for the full ASX Release
This article includes content from Australian Vanadium Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AVL:AU
23h
Australian Vanadium's Gabanintha Project Receives Environmental Approval
Australian Vanadium (ASX:AVL,OTC Pink:ATVVF) announced on Monday (January 13) that its Gabanintha vanadium project has received environmental approval from the Western Australian government.
The company said that Reece Whitby, the state's environment minister, has approved the implementation of Gabanintha under section 45 of the Environmental Protection Act 1986 (WA).
“This approval marks a major milestone for the Company, advancing the project towards construction and production while strengthening our confidence in securing the remaining approvals needed to move forward with the consolidated Australian Vanadium Project,” said Australian Vanadium CEO Graham Arvidson in a release.
The approval encompasses a mine, concentrator, processing plant and other key infrastructure, including a bore field and camp. The company is working on optimised feasibility study (OFS) to incorporate Gabanintha into its Australian Vanadium project, which says is among the largest and highest-grade vanadium deposits.
Australian Vanadium intends to produce vanadium concentrate at Gabanintha, with high-purity vanadium oxides and an iron concentrate co-product produced at a planned processing plant in Tenindewa.
Located in the Murchison province approximately 43 kilometres south of Meekatharra in Western Australia, the Australian Vanadium project holds 395.4 million tonnes at 0.77 percent vanadium pentoxide.
The OFS will outline the potential economic benefits of an integrated project. It will be informed by preceding trade-off studies to determine the preferred project development pathway, mine scheduling and processing plant location.
The company notes that its strategy fits in with the Australian government's Future Made in Australia plan, which is geared at supporting Australia’s transition to a net-zero economy and increasing Australian manufacturing.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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23 December 2024
QEM’s Julia Creek Vanadium Asset Gets Coordinated Project Status in Queensland
Explorer and developer QEM (ASX:QEM) said on Monday (December 23) that its Julia Creek vanadium and energy project has received coordinated project status from Queensland’s Office of the Coordinator-General.
According to QEM, the declaration will allow the office to facilitate regulatory approvals.
The company has been working for the last 24 months on environmental baselines needed for Julia Creek's environmental impact statement (EIS), and will now start preparing draft terms of reference for the EIS.
“Coordinated Project status is another major milestone for QEM and I welcome the ongoing support from the Queensland Government for new and expanded mining opportunities and high-value industries, particularly in regional Queensland,” said QEM Chairman Tim Wall in the company's press release.
Jarrod Bleiji, deputy premier and minister for state development, infrastructure and planning, said the declaration “is another example of how Queensland is now open for business under the Crisafulli LNP Government.”
Julia Creek is located in Northwest Queensland, where it covers 250 square kilometres. QEM says the asset is “one of the single largest vanadium deposits in the world today.”
Its resource currently stands at 2,870 million tonnes at 0.31 percent vanadium pentoxide (V2O5), with 461 million tonnes at 0.28 percent V2O5 in the indicated category and 2,406 million tonnes at 0.31 percent V2O5 in the inferred category.
A scoping study released on August 27 reveals that the project aims to produce approximately 10,571 tonnes of 99.95 percent pure V2O5 and 313 million litres of transport fuel annually over a 30 year mine life.
The company has said Julia Creek has the potential to create up to 600 jobs over a two year construction period and approximately 588 permanent jobs during its operational phase.
“The dual-commodity nature of our project seeks to address two urgent needs: long-duration energy storage and domestic fuel security,” commented QEM Managing Director Gavin Loyden on Monday.
“The adoption of vanadium flow batteries is accelerating around the world, and Queensland is uniquely positioned to establish a ‘pit to battery’ manufacturing value chain. QEM will expand its participation in this value chain by processing its vanadium pentoxide into vanadium electrolyte for long-duration batteries,” he furthered.
QEM completed a AU$2.76 million capital raise for the project on October 26, with new shares and options issued to support progress on a prefeasibility study.
Construction is slated for early 2028, while a commissioning and operational phase is set for late 2029.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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16 August 2024
Australian Vanadium Gets AU$2.63 Million Government Refund for R&D Work
Australian Vanadium (ASX:AVL,OTC Pink:ATVVF) announced on Tuesday (August 13) that it has received AU$2.63 million by way of the Australian government’s Research & Development (R&D) Tax Incentive Scheme.
The refund amount was granted for R&D completed in the 2022/2023 tax year by Australian Vanadium and Technology Metals Australia, with AU$1.79 million and AU$0.84 million coming from their respective submissions.
The two companies announced plans to merge in 2023, and completed the transaction earlier this year.
Australian Vanadium is currently advancing its Western Australia-based Australian Vanadium project, which it says is one of the most advanced vanadium projects globally. It also has a wholly owned subsidiary called VSUN, whose efforts are centred on developing the Australian market for vanadium flow batteries for long-duration energy storage.
In its latest quarterly activities report, released on July 31, Australian Vanadium said the first phase of an optimised feasibility study for the Australian Vanadium project has been completed. With the second stage now in progress, the company's goals include finalising a detailed mine plan and optimising project infrastructure.
Australian Vanadium is also looking to complete layout and design criteria for an upstream crushing, milling and beneficiation plant at Gabanintha and a downstream processing plant at Tenindewa.
Earlier this month, on August 6, the City of Greater Geraldton's council lent its support to a local planning scheme amendment that proposes to rezone the site of Australian Vanadium's Tenindewa facility.
“Obtaining support from the Council advances our efforts to finalise approvals of our project and serves as a strong endorsement of the Company’s plan to become a fully integrated vanadium flow battery provider, from vanadium products and electrolyte manufacturing to the batteries themselves, all within Western Australia,” the company said.
The Australian government's R&D Tax Incentive Scheme is described as a self-assessment that “encourages companies to engage in R&D benefiting Australia by providing a tax offset for eligible activities.”
Included in the scheme’s requirements are AU$20,000 in notional deductions this income year.
“If your eligible R&D expenditure is less than AU$20,000, you can still apply for the offset. However, you must use a registered Research Service Provider to conduct your R&D,” an online explainer reads.
“For R&D entities with aggregated turnover of less than AU$20 million, the refundable R&D tax offset is your corporate tax rate plus an 18.5 percent premium."
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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14 August 2024
Vanadium Market Forecast: Top Trends for Vanadium in 2025
The vanadium market is poised for shifts this year driven by a projected rise in demand from energy storage and steel sectors.
Energy storage systems that utilize vanadium redox flow batteries (VRFBs) are gaining traction as renewable energy deployment accelerates, boosting demand for high-purity vanadium.
However, global supply remains constrained due to limited mining projects and geopolitical uncertainties, particularly in China and Russia, key producers.
Additionally, environmental regulations and advancements in recycling technology may influence supply dynamics. Market observers will also watch potential price volatility tied to steel demand, the largest consumer of vanadium globally.
In September 2024 China introduced new standards for rebar which are anticipated to increase high quality vanadium demand in the segment.
“Production of rebar with the new standards will increase per annum vanadium nitrogen consumption by roughly 15 percent,” A July Fastmarkets report noted. “That calculation is based on China’s 2023 rebar production volume.”
“Vanadium demand in steel alloys will rise in 2025 due to change in Chinese rebar standards. However, expected demand rise in steel will not be as high as estimated from battery manufacturing in the medium term due to slow down in the Chinese construction industry,” said Piyush Goel, commodities consultant at CRU Group via email.
He added: “Vanadium demand in batteries is estimated to rise rapidly, this rise in demand will primarily come from China due to targeted government policies due towards vanadium redox flow batteries (VRFBs).”
China, which is the leading producer of vanadium, is also expected to drive global demand in the year ahead.
“Rise in vanadium demand in the medium term (till 2029) is estimated to be heavily concentrated in China because we estimate VRFB demand to pick-up faster in China compared to other regions,” he said. “Similarly, Chinese rebar standards also changed – requiring higher vanadium intensity steel. Due to the rapid rise in domestic vanadium demand, China is likely to become a net importer of vanadium as the Chinese market goes into deficit from surplus.”
Vanadium demand faces rebar challenges, with limited Boost from batteries
Even though Fastmarkets is calling for a 15 percent uptick in vanadium demand for rebar, this will only bring demand back up to previous levels.
As Erik Sardain, principal analyst for Project Blue explained, China’s weak construction market has caused a 15 percent year-on-year decline in domestic rebar construction.
Despite positivity in the VRFB space, Sardain doesn’t expect this to offset the lower rebar demand.
“No, no, no, no, absolutely not. If you want to look worldwide, you can say that steel in general is something like 90 percent [vanadium demand],” Sardain said in a December interview with the Investing News Network.
The principal analyst went on to point out that quantifying the amount of vanadium used in batteries and energy storage is challenging to tally. He also questioned the forecasted demand trends from the battery segment.
“I think the market got it wrong for one main reason, because the market is assuming that the vanadium redox battery for the storage system is going to be something worldwide,” he said. “And at Project Blue, we don't think it's going to be global. We think it's going to be primarily China.”
He attributes this to the types of installations that are being deployed utilizing VRFB energy storage systems, explaining that China is using it to power grids while other countries are using the technology for small scale applications.
Taking a more optimistic and long-term view, CRU’s Goel sees more viability in the battery and energy storage segments.
“VRFBs will have a considerable impact on the vanadium industry through the next two decades but will play a minor role in the energy storage space - accounting for only 3.5 percent of total battery energy storage installations by 2035,” said Goel.
“Although VRFBs will make up a small portion of total energy storage, they are significant consumers of vanadium and will consume the majority of global vanadium in 2035, compared to ~6 percent in 2024,” he added.
Supply picture blurred by geopolitics
As the ongoing Ukraine war and tensions between the US and China and the US and its allies grows, many metals and minerals have faced volatility. These tensions have disrupted critical metals markets, spurring policymakers to fast-track new supply chains.
China’s restrictions on gallium and germanium exports in August 2023 escalated to a complete ban on shipments to the US in December 2024, intensifying global supply concerns.
Potential export caps, and tariffs threaten to disrupt already fragile supply chains, however Goel doesn’t foresee these issues impacting the vanadium market.
“Similar trade restrictions are unlikely in vanadium, as most of the recent rise in vanadium demand is coming from China, which means China is likely to become a net importer if no new capacity is opened,” he said. “This also means that should China become import reliant for a meaningful share of vanadium, which is to be used in 2 significant national industries (steel and energy storage), vanadium will move up in criticality matrices for China - moving nearer to materials like iron ore, potash, and high purity quartz.”
As demand in China picks up, Sardain anticipates the Asian nation will ramp up production.
“With the current geopolitical environment, there is absolutely no way that China is going to rely on imports of vanadium,” he said.
According to Goel, China isn’t the only country that is looking to be less reliant on imports.
“Governments worldwide have recognized vanadium as a critical mineral, leading to increased support for emerging vanadium projects,” said Goel.
He referenced Australian company Vecco Group which received an AU$3.8 million grant to advance the feasibility and design of a high-purity vanadium project in Brisbane.
“However, such grants are not enough to bring a project from conception to production. The current low vanadium pricing environment is a barrier to increasing ex-China capacity,” he added.
Australia to dominate growing supply capacity
While China will dominate the vanadium market narrative in 2025, Australia is positioning itself to become a production hub.
In addition to Vecco’s government support the company’s project was granted “coordinated project” status by the Queensland government. The status designation streamlines approvals for major developments with significant impacts, centralizing assessments and enabling public consultation.
In late December, Explorer and developer QEM (ASX:QEM) also received coordinated project status from Queensland’s Office of the Coordinator-General for its Julia Creek vanadium and energy project.
According to a July release, a scoping study completed on the Julia Creek deposit affirms the company’s aims to produce approximately 10,571 tonnes of 99.95 percent pure V2O5 and 313 million litres of transport fuel annually over a 30 year mine life.
In mid-January Australian Vanadium (ASX:AVL,OTC Pink:ATVVF) was granted environmental approval for its Gabanintha vanadium project in Western Australia.
The approval covers a mine, concentrator, processing plant, and supporting infrastructure, including a bore field and camp. The company is updating its Optimised Feasibility Study to integrate Gabanintha into its Australian Vanadium Project, one of the largest and highest-grade vanadium deposits.
Trends to watch
Underscoring the magnitude of weakness in the 2024 vanadium market Sardain recounted the factors that impeded price growth.
He explained that despite several factors that should have boosted vanadium demand, the market remained surprisingly weak. Chinese monetary stimulus measures and stricter rebar standard enforcement failed to drive prices higher.
Russian vanadium pentoxide exports to China have dried up, and supply uncertainties persist in South Africa. These conditions, which typically would have supported price increases, have had little impact, highlighting the subdued demand, especially in China.
“To be really honest, I was expecting the market to pick up in the second half of 2024,” he said.
Sardain continued: “I was expecting this to happen because I was looking at the interest rate in Europe, the ECB cutting interest rate. I was expecting some kind of recovery for the European economy. I was expecting the Chinese government to be more proactive. I was expecting the property market in China to stabilize. So, I was expecting some kind of rebound in the second half, which didn't take place.”
Although the 2024 market didn’t perform to expectation, Sardain sees promise in the months ahead.
“I think that the market is currently bottoming out. I believe that we are very close to the stabilization of the property market in China. Whether it's going to happen in Q1 or Q2 I don't know, but definitely and maybe some kind of very, very, very mild recovery in the second half [of the year],” he said.
Highlighting the market’s positive fundamentals CRU’s Goel also sees a price rebound in 2025.
“We are estimating a global supply deficit in 2025 due to change in rebar standards and rise in vanadium battery demand, causing vanadium prices to rise,” said Goel. “ As more supply comes online in 2026 and 2027, by 2027 vanadium prices will come down when compared to 2025 prices, but crucially remain higher than the pricing in the last 12 months.”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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06 August 2024
Velox Announces ASX Dual Listing, Gets Vanadium Project Support from Queensland Government
Exploration-stage Velox Energy Materials (TSXV:VLX) publicized plans to dual list on the ASX in a press release shared on August 2, saying it's aiming to raise AU$8 million to AU$10 million in the process.
The vanadium-focused company also said it has secured a "cornerstone investment" commitment from the QIC Critical Minerals and Battery Technology Fund, which is managed and administered by QIC.
“With our flagship North Queensland Vanadium Project (NQVP) and Kotai Hydrogen Project both based in Australia, it is logical that we would seek to gain further exposure to Australian investors via a proposed dual listing on the ASX,” Simon Coyle, president and CEO of Velox, commented in last week's announcement. “We are extremely excited to have a QIC-managed fund as a cornerstone investor in the proposed dual listing capital raise.”
QIC is owned by the Queensland government and is one of the largest institutional investment managers in Australia. Its investment will come to AU$4 million to AU$5 million and will be used to help progress the NQVP.
“Up to two million tonnes of vanadium is required for battery storage to decarbonise industries and communities globally under 2050 net zero targets, while total global production in 2023 represented approximately five percent of this figure,” noted Allison Hill, QIC's state chief investment officer. She added that this deficit showcases the opportunity that companies like Velox have in harnessing in the next critical minerals boom in Queensland.
Should Velox receive in-principle approval from the ASX, it intends to lodge a prospectus with the Australian Securities and Investments Commission in the third quarter of this year.
The planned AU$8 million to AU$10 million in funds will be used to further feasibility studies and pre-production activities for the NQVP, and for continued investment and support of the Kotai hydrogen project.
The NQVP covers 1,246 square kilometers in Northwest Queensland. It is located along the Flinders Highway between Julia Creek and Richmond, where vanadium exploration has been receiving strong support from the government.
At Kotai, Velox is working with experts from Perth's Curtin University to investigate the feasibility of using sodium borohydride as "a 'safe carrier' of hydrogen that can be deployed on demand wherever it is required.”
Velox also holds the Lake Pierre lithium project in Eastern Québec, Canada.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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18 July 2024
Strategic Resources Engages Lead Bank for its Construction Financing Package
Strategic Resources Inc. (TSXV: SR) (the "Company" or "Strategic") is pleased to announce that it has engaged Societe Generale to lead the project financing debt package to fund development of the project. The Company has initiated work with Societe Generale to put together a senior debt package for the BlackRock project in Québec. The Company is targeting an approximately US$300 million senior debt financing package to fund the US$470 million initial capital that was outlined in its Phase 1, four million tonne per annum, Iron Pelletizer Pre-feasibility Study(1). Post the completion of the debt financing, the Company will work with existing shareholders and other groups to bring together a full funding solution for the construction of the BlackRock project.
Sean Cleary, CEO commented: "Societe Generale is an established leader in the project financing space and Strategic is excited to work on this process with them. This is a significant step on the path towards supplying Canada's steel industry with the high purity iron metallics necessary to operate new environmentally friendly electric arc furnaces that are under construction today. Strategic Resources will help supply the green steel movement that is now well underway."
Strategic has also completed a request for proposal process on the next phase of engineering work for the Phase 1 iron pelletizer. The Company has shortlisted potential candidates and plans to announce its preferred independent engineering choice in Q3 2024.
Strategic has made considerable progress in sourcing direct reduction grade iron feed material for the iron pelletizer. These negotiations are ongoing and Strategic expects to conclude definitive supply agreements by Q4 2024.
Notes: | |
(1) | The non-National Instrument 43-101 Pre-feasibility Study described above is an independent economic scenario from the BlackRock National Instrument 43-101 Feasibility Study ("FS"), which was effective on November 18, 2022. Details for this scenario were outlined in the Company's March 12, 2024 news release and further clarified in the July 12, 2024 news release. The Project will not exploit any of the Company's own mineral reserves and will rely on merchant third-party iron feed. It is possible that the full BlackRock Project as was described in the FS could benefit from the Project infrastructure in the future, but the potential benefits are unknown at this time. |
About Strategic Resources
Strategic Resources Inc. (TSXV:SR) is a critical mineral exploration and development company focused on high-purity iron and vanadium projects in Canada and Finland. The Company is developing its flagship BlackRock Project, which is a fully permitted and ready to construct mine, concentrator and metallurgical facility located at a seaport in Québec with full access to the St. Lawrence Seaway. The Company's Head Office is in Montreal, Québec.
Further details are available on the Company's website at https://strategic-res.com/. To follow future news releases, please sign up at https://strategic-res.com/contact/.
Follow us on: Twitter or Linkedin.
STRATEGIC RESOURCES INC.
Signed: "Sean Cleary"
Sean Cleary, CEO & Chairman
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the size of a senior debt package, the initial capital amount to build the Phase 1 iron pelletizer, timing of the senior debt package, timing for selecting independent engineers for the next phase of engineering and concluding negotiations for direct reduction iron pellet feed. Often, but not always, forward-looking statements or information can be identified by the use of words such as "will" or "projected" or variations of those words or statements that certain actions, events or results "will", "could", "are proposed to", "are planned to", "are expected to" or "are anticipated to" be taken, occur or be achieved.
Although management of the Company believes that the assumptions made and the expectations represented by all forward-looking statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities administrators. Strategic does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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