A big change seems on the way for the vanadium market, thanks to “mega scale energy storage” battery technology.
The current market is largely driven by steel consumption, with up to 92 per cent sold as ferrovanadium (a mixture of iron and vanadium).
This market is projected to grow by an average 1.4 per cent a year between 2021 and 2050. Solid. However, steel’s market share is expected to fall to 75 per cent by 2050, as vanadium redox flow battery (VRFB) installations provide significant upside.
Ferro-Alloy Resources Ltd (LON:FAR) is developing the giant Balasausqandiq vanadium deposit in Kyzylordinskaya oblast of southern Kazakhstan. The ore at this deposit is unlike that of nearly all other primary vanadium deposits and is capable of being treated by a much lower cost process.
