The vanadium market is largely driven by steel consumption, with up to 92% sold as ferrovanadium (a mixture of iron and vanadium).
This market is projected to grow by an average 1.4% a year between 2021 and 2050. Solid.
However, steel’s market share is expected to fall to 75% by 2050, as vanadium redox flow battery (VRFB) installations provide significant upside. Consumption from VRFB’s is forecast to grow at an average 10.6% a year over the same period, albeit from a low base.
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.
