Lower prices of vanadium, a metal mainly known for strengthening steel, are key in the drive to increase its use in the booming battery sector, according to the developer of an Australian mine.
The metal’s retreat from a price spike in 2018 is being welcomed — rather than lamented — by producers as they seek to extend vanadium’s use in large-scale energy storage batteries, according to Vincent Algar, managing director of Australian Vanadium Ltd., which plans to bring its project into production by about 2021.
Vanadium can be used in redox-flow batteries that advocates argue are better suited than existing lithium-ion technology to store large amounts of energy to back up power grids, or to integrate more renewable energy assets. There’s potential for the battery sector to account for at least 20% of demand for the metal, up from about 2% now, Algar said.
Bushveld Minerals Limited (LON:BMN), together with its subsidiaries, engages in the exploration and development of mineral projects in South Africa. It operates through three segments: Vanadium and Iron Ore, Coal Exploration, and Vanadium Mining and Production.
