VANADIUM: A CRITICAL PLAYER

AUSTRALIAN MINING HIGHLIGHTS FOUR PROJECTS VYING TO BECOME THE COUNTRY'S FIRST ACTIVE VANADIUM MINE.

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Vanadium has firmly positioned itself as an emerging critical mineral in Australia. Used in steel production, batteries and electronics, vanadium is set to play a key role in the global energy transition, where renewables such as vanadium redox flow batteries (VRFB) will become primary energy sources.

According to the United States Geological Survey (USGS), vanadium demand – like for many ferroalloys – largely depends on the global steel market, specifically China's.

But the winds are changing.

"Vanadium redox flow battery technology continue to be an increasingly important part of large-scale energy storage as it allows for high-safety, large-scale, environmentally friendly, mediumand long-term energy storage," USGS said in its 2024 vanadium mineral commodity summary.

“Installations of VRFB projects continued to increase worldwide as energy companies looked to support renewable energy projects as many countries attempt to lower their carbon emissions.”

As of December 31, 2022, Australia had 8.5 million tonnes (Mt) of vanadium economic demonstrated resources and 2.97Mt in vanadium ore reserves, making up 32 per cent of the world's vanadium resources.

While there are currently no active vanadium mines in Australia, the commodity is there for the taking, with four companies vying to take the top spot.

Australian Vanadium

Recognised as one of the largest and highest-grade vanadium deposits being developed in the world, the Australian Vanadium project is located in the Murchison province of Western Australia.

The project comprises a vanadium mine and a crushing, milling and beneficiation (CMB) plant.