General vanadium news for August 2024 from around the traps.
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Vanadium Miners News For The Month Of August 2024
Aug. 30, 2024 12:25 PM ET
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Summary
- Vanadium pentoxide prices and ferrovanadium prices were both lower again the past month.
- Vanadium market news - Vanadium prices hurt by a drop in China's rebar production. Vanadium prices could improve in H2 as China's new rebar standards go into effect Sept. 25.
- Vanadium company news - Glencore H1, 2024 ferrochrome production was down 16% YoY at 599kt. Bushveld talks on cutting costs. Largo announced a net loss of $14.5 million in Q2.
- QEM Julia Creek Project Scoping Study results in a post-tax NPV(8%) of approximately AUD 1,106M and 16.3% IRR.
- I do much more than just articles at Trend Investing: Members get access to model portfolios, regular updates, a chat room, and more. Learn More »
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Welcome to the Vanadium miners news.
August saw vanadium pentoxide prices and ferrovanadium prices lower.
Vanadium uses
Vanadium is traditionally used to harden steel. Chinese rebar standards are requiring more vanadium. Also Vanadium Flow Batteries [VRFBs] are becoming increasingly popular especially for commercial energy storage, most notably in China. Vanadium Pentoxide [V2O5] is used in VRFBs and Ferrovanadium [FeV] is used in the steel industry.
Vanadium spot price history
Europe & China Vanadium Pentoxide [V2O5] Flake 98% one year price chart - Europe = USD 4.70/lb, China = USD 4.77/lb
Vanadiumprice.com
Europe and China Ferrovanadium [FeV] 80% one year price chart - Europe = USD 24.75/kg, China = USD 24.55/kg
Vanadiumprice.com
Vanadium demand versus supply
In 2017 Robert Friedland
stated: "We think there’s a revolution coming in vanadium redox flow batteries...."
An April 2021 Wood Mackenzie report
stated:
Global energy storage deployment surged a remarkable 62% in 2020, with 5 GW/9 GWh of new capacity added. This brought the total energy storage market to more than 27 GWh. Furthermore,
we expect the global (energy storage) market to grow 27-fold by 2030.
ResearchAndMarkets forecasts the global VRFB market to grow from US$298m in 2023 to US$921m in 2028, at a CAGR of 20.5% (as of January 2023) (source)
ResearchAndMarkets
Global VRFB forecast growth by region 2022-2031
Guidehouse Insights
CRU forecasts vanadium demand to double by 2032 mostly due to VRFB's (source) (As of January 2023)
CRU
Large scale global deployments of VRFB's are becoming more common (source)
Technology Metals Australia company presentation
Vanadium market news
On July 30 Fastmarkets
reported:
China’s new rebar standards may deal another blow to domestic steelmakers. China’s revision of its national rebar standards, which is set to go into effect from September 2024, is expected to increase demand for vanadium nitrogen and silico-manganese amid a push for developing high-quality steel...The standards, which are revisions to those announced in 2018 and will be implemented from September 25 2024. The new regulations will shift standards from recommendatory to mandatory... “Production of rebar with the new standards will increase per annum vanadium nitrogen consumption by roughly 15%,” the contact at the China Vanadium Association said.
On August 12 Vandiumprice.com
reported:
European vanadium prices continue to fall...The transaction price of European
vanadium products continues to decline, and the market transaction atmosphere is extremely cold due to the influence of the summer off-season. On August 9, European
ferrovanadium price was 25.1.
On August 14 Investing News Network
reported:
Vanadium market update: H1 2024 in review. Weak demand out of China prevented price gains in the vanadium market in H1. Will new regulations in the Asian nation add tailwinds in the second half of the year?...By June, a sharper-than-expected drop in China's rebar production, which fell by 12 percent year-on-year in Q1 and 13 percent year-on-year in Q2, had exacerbated vanadium's price declines. Growing battery-related demand wasn't enough to offset the losses experienced in steel applications, which make up nearly 90 percent of vanadium usage...Global installations of VRFB projects are on the rise, with analysts predicting that the VRFB market will account for about 17 percent of vanadium consumption by 2033, up from just 3 percent in 2021...Vanadium prices could improve in H2 as China's new rebar standards go into effect in September.
On August 28 Yahoo Finance
reported:
Vanadium Redox Flow Battery (VRB) market to reach $523.7 million, globally, by 2030 at 15.8% CAGR: Allied Market Research.
The escalating demand for grid-scale energy storage solutions and rapid expansion of the electric vehicle [EV] stands as a pivotal driver propelling the growth of vanadium redox battery (VRB) market...According to the report, the vanadium redox flow battery (VRB) market was valued at $188.7 million in 2023, and is estimated to reach $523.7 million by 2030, growing at a CAGR of 15.8% from 2024 to 2030.
Vanadium miner news
Vanadium producers
Glencore [LSX:GLEN] [HK:805] (OTCPK:GLCNF)
Glencore is a large vanadium producer, but vanadium production represents only a small portion of their revenue.
On July 30, Glencore
announced:
Half-year production report 2024... Glencore Chief Executive Officer, Gary Nagle: "
Across the portfolio, our full-year 2024 production guidance has been maintained...
Note: As shown below H1, 2024 ferrochrome production was down 16% YoY at 599kt.
Production from own sources – Total1 (source)
Glencore
On August 7, Glencore
announced: 2024 half-year report. Glencore’s Chief Executive Officer, Gary Nagle, commented:
Against the backdrop of lower average prices for many of our key commodities during the period, particularly thermal coal, our overall Group Adjusted EBITDA of $6.3 billion was 33% below the comparable prior year period, however Funds from Operations were up 9%, due to the timing of income tax payments . We reported a Net loss attributable to equity holders of $233 million, after recognising $1.7 billion of significant items, including c.$1.0 billion of impairment charges. “Reflecting healthy cash generation and after funding $2.9 billion of net capital expenditure and $1.0 billion of shareholder returns, Net debt, including Marketing-related lease liabilities, finished the first half at $3.6 billion, down $1.3 billion compared to $4.9 billion at the end of 2023."
AMG Critical Materials N.V. [NA:AMG] [GR:ADG] (OTCPK:AMVMF)
AMG Vanadium is a leading provider of products and services for the metals, manufacturing, refinery and petrochemical industries. AMG Vanadium produces ferrovanadium and related ferroalloys from spent refinery catalysts using a proprietary pyrometallurgical process. In January 2023, AMG
announced plans to build a Vanadium Electrolyte plant in Germany with production expected to start at the end of 2023.
On July 31, AMG Critical Materials N.V.
announced:
AMG’s Critical Materials’ Portfolio delivers strong quarterly results. AMG Critical Materials N.V. (“AMG”, EURONEXT AMSTERDAM: “AMG”
reports second quarter 2024 revenue of $364 million, a 17% decrease versus the second quarter of 2023. Despite significant declines in lithium and vanadium prices compared to the same period in 2023, AMG achieved an adjusted EBITDA of $39 million by leveraging its diversified portfolio. AMG continued to experience robust structural demand for its critical materials which is a testament to the strategic positioning of our businesses and the low-cost position of all of our operations...Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “...Our vanadium business demonstrated strong volume growth of 23% in the second quarter of 2024 versus the second quarter of last year, helping to offset a 29% decline in price. Our operations in Ohio continue to be the low-cost global producer of ferrovanadium, significantly outperforming primary mining operations. I am also pleased to report that we have significant liquidity to support our many growth opportunities. With $308 million in cash on hand and $200 million available under our revolving credit facility, AMG has a total liquidity of over $500 million.”
Bushveld Minerals Limited [LN-AIM:BMN] (OTC:BSHVF)
Bushveld is a diversified AIM-listed resources company with a portfolio of vanadium, tin and coal assets in Southern Africa and Madagascar.
On August 6, Bushveld
announced:
Bushveld Minerals - Q2 and H1 2024 operational update" was in the form of a CEO call. Their CEO discussed cutting costs and the turnaround initiative at Vametco. Group production was 838MtV for the Q2 quarter and 1,693MtV for H1, 2024.
Largo Inc. [TSX:LGO] [GR:LR81] (LGORF)(NASDAQ:LGO)
Largo Inc. is a pure-play vanadium pentoxide producer from their Maracás Menchen mine in Brazil as well as a producer of VRFBs.
On August 8, Largo
announced: "Largo Reports second quarter 2024 financial results; Applauds China’s new mandatory steel rebar standards with vanadium use." Highlights include:
- "Revenues of $28.6 million ($26.2 million from vanadium sales and $2.4 million from ilmenite sales) vs. revenues of $53.1 million ($53.1 million from vanadium sales) in Q2 2023.
- Decline in revenues was largely driven by lower vanadium prices and lower vanadium sales volumes; Revenues per lb sold 3 of V 2 O 5 equivalent of $6.46 vs. $9.42 in Q2 2023.
- Operating costs of $36.4 million vs. $43.0 million in Q2 2023; Cash operating costs excluding royalties 5 per pound sold of $5.97 vs. $5.18 per lb sold in Q2 2023.
- Net loss of $14.5 million (including $8.5 million in non-recurring items) vs. net loss of $6.0 million (including $1.1 million in non-recurring items) in Q2 2023; Basic loss per share of $0.23 vs. basic loss per share of $0.09 in Q2 2023.
- Cash balance of $35.8 million, net working capital surplus of $59.8 million and debt of $84.7 million exiting Q2 2024.
- Production of 2,689 tonnes (5.9 million lbs 2 ) of V2O5 vs. 2,639 tonnes in Q2 2023.
- V2O5 equivalent sales of 1,841 tonnes (inclusive of 128 tonnes of purchased material) vs. 2,557 tonnes (inclusive of 289 tonnes of purchased material) sold in Q2 2023."
On August 19, Largo
announced: "Largo highlights continued progress in cost reduction initiatives at its vanadium operation in Brazil."
Energy Fuels Inc. [TSX:EFR] (UUUU)
Energy Fuels
state they are "the No. 1 uranium producer in the U.S. with a market-leading portfolio", as well as being a small vanadium producer.
On August 2, Energy Fuels
announced:
Q2-2024 results including uranium mining and successful commissioning of commercial rare earth separation...During the three months ended June 30, 2024, the Company incurred a net loss of $6.42 million...The Company also held 905,000 pounds of finished vanadium ("V
2O
5") (inventory).
Ferro-Alloy Resources [LON:FAR]
FAR is developing the giant Balasausqandiq vanadium deposit in Kyzylordinskaya Oblast of southern Kazakhstan. FAR
state: "The ore at this site has a significantly higher grade than all other primary vanadium extraction sites, which allows for much lower processing costs."
No news for the month.
Western Uranium & Vanadium Corp. (OTCQX:WSTRF)
Western Uranium & Vanadium Corp. own the Sunday Mine Complex which is an advanced stage mine property consisting of five interconnected underground mines in Colorado, USA.
No news for the month.
VanadiumCorp Resource Inc. [TSXV:VRB][GR:NWN] (OTCPK:VRBFF)
VanadiumCorp Resources Inc. 100% owns the Lac Dore Vanadium-Iron-Titanium Project in Quebec Canada. The Company is looking to take a vertically integrated approach and is also developing leading process technologies ‘VanadiumCorp-Electrochem Processing Technology’ and "Electrochem globally patented Electrowinning" technology.
On June 25, VanadiumCorp Resources Inc.
announced:
Vanadiumcorp initiates corporate restructuring...
Strategy: The Company affirms that its dual-track strategy of: a) producing and selling vanadium electrolyte to manufacturers of vanadium flow batteries (VFB); while b) advancing the Company’s vanadium-titanium-iron mineral resources in Québec as the best path forward to enhancing shareholder value at the Company...
Operations: The Company’s first plant, located in Val-des-Sources, Québec (the “First Plant”
, began operations in April 2024 and has been producing a stream of high purity vanadium electrolyte. Due to a technical issue encountered on commissioning, however, the output from the First Plant has been 6,000 litres/month instead of its expected 25,000 litres/month. The technical issue can be readily fixed and the First Plant returned to its full operating capacity once funds for required replacement parts have been allocated by the Company and the parts delivered and installed. The Company aims to have the First Plant in full operation by the end of October 2024.
Financial Condition: The financial condition of the Company has deteriorated significantly in the first half of 2024. Debt, including accounts payable, is now higher and receipt of revenues has been delayed by the temporary production issue referred to above. Given these existing financial constraints, the current operational structure of the Company is not sustainable. Corporate costs will be immediately rationalized. Discussions with creditors will be initiated to ensure operational flexibility. Additional equity financing in 2024 will also be required to help the Company continue to move forward.
Vanadium developers
Neometals [ASX:NMT] (OTCQX:NMTAY)(OTCPK:RDRUY) (OTCPK:RRSSF)
Neometals 100% own the Barrambie Titanium Vanadium Iron Project in Western Australia. Barrambie's Eastern Band is one of the highest grade hard rock titanium deposits globally.
On July 30, Neometals
announced: "Quarterly activities report for the quarter ended 30 June 2024." Highlights include:
Corporate
- "Cash balance of $9.8 million: Investments, receivables and inventories of $15.5 million and no debt."
Pre-commercial Technologies
Vanadium Recovery (100% NMT via Avanti Materials Ltd)
- "The patent-pending Vanadium Recovery Process has the potential to produce high-purity, low-cost vanadium from the recycling of steel slag by-products which practically eliminates carbon footprint.
- Assisting first commercial project vehicle, RISAB (88% NMT) to procure external funding to support a new equity financing process and advance technology licensing activities."
Upstream Mineral Projects
Barrambie Titanium and Vanadium (“Barrambie”
(100% NMT)
- "Commenced preparation of an Exploration Target for gold in parallel with preparations for asset divestment."
On August 19, Neometals
announced: "US$3M placement."
On August 22, Neometals
announced: "Neometals strategy update" Highlights include:
- "Restructuring and right-sizing of the organisation and its underlying cost base to reflect a new strategic refocus.
- Prioritising the progression of Primobius, the LiB Recycling joint venture with SMS group GmbH, through industrial validation to commercialisation,
- Capital management initiatives through the targeted sale of non-core assets and strategic partnering to facilitate the ongoing development of the Company’s other technologies.
On August 22, Neometals
announced: "Precious Metals recovery option lapse."
Australian Vanadium [ASX:AVL] [GR:JT71] - merger with Technology Metals Australia completed in early 2024
Australian Vanadium is an emerging vanadium producer focused on their Australian Vanadium Project in Western Australia. VSUN Energy was launched by AVL in 2016 to target the energy storage market for vanadium redox flow batteries [VRFBs].
On July 31, Australian Vanadium
announced:
Quarterly activities report period ending 30 June 2024...A $14.7 million progress payment was received from an Australian Government grant under the Modern Manufacturing Initiative – Manufacturing Collaboration Stream (Grant). The Grant provides up to $49 million to support the Project, facilitating new critical mineral production to strengthen the domestic vanadium supply chain in the battery market. AVL has now received $24.5 million in progress payments under the Grant. Cash position of $36.4 million as at 30 June 2024, including restricted cash of $0.4 million and the funding from the Grant.
On August 6, Australian Vanadium
announced: "Council support for vanadium processing site near Geraldton."
On August 13, Australian Vanadium
announced:
AVL receives $2.6m R&D refund for 2022/23 tax year...The total received comprises $1.79 million from the TMT submission and $0.84 million from the AVL submission which was received during July.
On August 15 Mining.com
reported: "Mining Green Metals listing falls over as it opts out of option agreement with Australian Vanadium." (see also news below)
On August 26 Australian Vanadium
reported: "Call on unquoted partly paid shares."
Tivan Limited [ASX:TVN] (formerly TNG Ltd [ASX:TNG](OTCPK:TNGZF)
Tivan Limited is an Australian resources company focused on the evaluation and development of its Mount Peake Vanadium-Titanium-Iron project. The Mount Peake Project is located 235km north-northwest of Alice Springs in the Northern Territory of Australia. Tivan Limited is well advanced with a massive $4.7b NPV8%, but relies on titanium and iron with a lower grade vanadium by-product. Tivian 100% owns the Speewah Mining Pty Ltd (from King River Resources Limited [ASX:KRR]) the owner of the Speewah Vanadium-Titanium-Iron Project in WA.
On June 25, Tivan Limited
announced:
June 2024 Tivan Limited - Quarterly activities report...The Company had total cash reserves of $0.378 million as at 30 June 2024, noting the capital raising details and funds inflow as detailed above which supplement cash reserves...
On August 15, Tivan Limited
announced: "Tivan launches $7.5m Entitlement Offer for Shareholders..."
Vanadium Resources Limited [ASX:VR8] [GR:TR3]
Vanadium Resources is a junior exploration company established with the purpose of exploring and developing gold zinc, lead, copper and other mineral opportunities. Vanadium Resources owns
86.49% of a globally significant vanadium project, the Steelpoortdrift [SPD] Project, in Gauteng Province, South Africa.
On July 31, Vanadium Resources Limited
announced: "Quarterly activities report – June 2024." Highlights include:
- "Over 100% of the planned ~11ktpa V2O5 production1 from Phase 1 of the Project is now subject to offtake MOUs, demonstrating the continued strong demand from China for a reliable source of vanadium supply.
- The Company is also in discussions with a range of parties across China, Japan, Korea, North America and Europe, seeking to secure binding offtake agreements and will give preference for offtake based on the favourability of any proposed funding mechanisms, strategic equity for construction and/or other value add considerations by potential parties.
- Debt financing discussions progressing well with the Company expecting to commence due diligence in Q3 CY2024 including site visits and the appointment of independent technical consultants.
- Production of high purity 99.5% V2O5 is now a formal part of the Company’s plans, with the necessary modifications made during the FEED process to facilitate the dual product streams of 98% V2O5 for the steel markets and 99.5% V2O5 for the vanadium flow battery market.
- Consultants appointed to assist with finalising FEED and prepare EPC packages, which will be issued to ensure that execution costs and schedules remain market competitive.
- The Environmental Authorisation (“EA” for the Salt Roast Leach plant at Tweefontein was formalised during the quarter, with the EA for the mine and concentrator plant at Steelpoortdrift expected to be finalised during Q3 CY2024."
On August 8, Vanadium Resources Limited
announced: "Steelpoortdrift water use license application approved..."
Richmond Vanadium Technology [ASX:RVT] ("RVT")
RVT now owns 100% of the Richmond Vanadium Project. It has a global Mineral Resource of
1.8Bt @ 0.36% Vanadium Pentoxide (V2O5).
On July 23, Richmond Vanadium Technology
announced: "Quarterly activities report for the period ending 30th June 2024." Highlights include:
"Collaboration Agreement signed to establish a new grid scale Australian vanadium battery industry.
Non-Binding Collaboration Agreement key goals include:
- Develop the Richmond – Julia Creek Vanadium Project inclusive of a potential renewable energy and vanadium battery storage power solution for mining and ore processing.
- Completing further test work and design on a new processing pathway from vanadium concentrate directly to vanadium electrolyte that could potentially reduce CAPEX and OPEX significantly.
- Working with government, industry and academia to demonstrate the superiority of vanadium flow batteries (VFBs) for long duration (+4hrs) grid scale stationary battery technology.
- Establishing a localised grid scale (~1GWh) VFB manufacturing and assembly facility in Queensland.
- Working together to provide a complete renewable energy and battery storage cooperative in Australia for domestic and overseas markets.
- Working with government to maximise regional economic benefits to contribute to achieving our energy transition targets."
On August 23, Richmond Vanadium Technology
announced: "Annual report 2024."
Phenom Resources Corp. [TSXVHNM] (OTCQXHNMF) (formerly First Vanadium Corp.)
The
Carlin Gold-Vanadium Property hosts one of North America’s largest richest primary vanadium deposits, located in Nevada. Its West Jerome project targets a large scale high grade copper and zinc deposit in Arizona. Carlin has a Historic Inferred Resource 28Mt at 0.525% V2O5 (2010 SRK).
No significant news for the month.
QEM Limited [ASX:QEM]
QEM Limited owns the Julia Creek Vanadium and Oil Shale Project in North Western Queensland, Australia.
On July 30, QEM Limited
announced: "Quarterly update for the period ending30 June 2024." Highlights include:
- "2024 Scoping Study nearing completion.
- New work program begins with The University of Queensland Sustainable Minerals Institute [SMI].
- Grant application submitted for QEM’s Vanadium Recovery Project (Spent Catalyst) through the Queensland Government’s Collaborative Development Program.
- Tenth consecutive Environmental, Social and Governance [ESG] Report released."
On August 27, QEM Limited
announced: "Julia Creek Project – Scoping study completed." Highlights include:
- "The Scoping Study has demonstrated that the Project has robust economic outcomes and no significant issues to prevent it from progressing to a pre-feasibility stage.
- Post-tax NPV(8%) of approximately AUD 1,106M and 16.3% IRR1.
- Projected revenue over the life of mine from V2O5 sales is approximately 11.5Bn AUD and approximately 10.1Bn AUD from sale of transport fuel (Total revenue 21.7Bn)2.
- Pre-production capital expenditure is estimated at approximately AUD 791M excluding contingency costs and indirect costs such as owner’s costs and EPCM3.
- Payback period of approximately 5 years from the start of mining.
- 30-year mine schedule with a production target of approximately 10,571 tonnes (23.3Mlbs) of vanadium pentoxide (99.5% pure) and 313 million litres of transport fuel per annum over the life of mine.
- Mineralisation likely to be sourced from one shallow open-cut pit with an average steady state annual mining schedule target of approximately 5.1Mt (dry basis) at 0.27% V2O5 and 54.1 litres/tonne in-situ of oil equivalent."
On August 27 The Australian
reported: "How QEM’s Julia Creek Project can be a key player in the vanadium market."
Graphite miners with potential vanadium projects
Other listed vanadium juniors
- BlackRock Metals (Private)
- Blue Sky Uranium [TSXV:BSK] (OTCQB:BKUCF)
- Critical Minerals Group [ASX:CMG]
- Currie Rose Resources Inc. [TSXV:CUI]
- Gladiator Resources [ASX:GLA]
- Golden Deeps [ASX:GED]
- Intermin Resources [ASX:IRC]
- Manuka Resources [ASX:MKR]
- Maxtech Ventures [CSE:MVT]
- Moab Minerals [ASX:MOM]
- Nevada Mining Vanadium Corp. [TSX:ELEF] (OTCQB:SILEF)
- New Energy Minerals [ASX: NXE]
- Pursuit Minerals [ASXUR]
- Sabre Resources [ASX:SBR]
- Santa Fe Minerals [ASX:SFM]
- Strategic Resources [TSXV:SR] (OTCPK:SCCFF)
- Surefire Resources [ASX:SRN]
- Trigon Metals Inc. [TSXV:TM] (OTCNTZF)
- UVRE [ASX:UVA]
- Venus Metals [ASX:VMC]
- Victory Metals [TSXV:VMX]
- Viking Mines [ASX:VKA]
VRFB Companies
- Protean Energy [ASXOW] [GR:SHE1]
- Enerox GmbH (90% Bushveld/10% Cellcube Energy Storage Systems)
- Invinity Energy Systems (LSE:IES) (IVVGF) (OTCQX:IESVF)
Conclusion
August saw vanadium pentoxide prices and ferrovanadium prices lower.
Highlights for the month include:
- China’s new rebar standards set to go into effect from September 2024, is expected to increase demand for vanadium.
- European vanadium prices continue to fall.
- Investing News - Vanadium prices have been hurt by a drop in China's rebar production. Vanadium prices could improve in H2 as China's new rebar standards go into effect on September 25.
- Allied Market Research: VRFB market to reach $523.7 million, globally, by 2030 at 15.8% CAGR.
- Glencore H1, 2024 ferrochrome production was down 16% YoY at 599kt.
- AMG vanadium business demonstrated strong volume growth of 23% in Q2 2024 YoY, helping to offset a 29% decline in price.
- Bushveld Minerals CEO discussed cutting costs and the turnaround initiative at Vametco. Group production was 838MtV for the Q2 quarter. and 1,693MtV for H1, 2024.
- Largo announced a Net loss of $14.5 million in Q2, 2024.
- Vanadiumcorp initiates corporate restructuring.
- Neometals Barrambie Project - Commenced preparation of an Exploration Target for gold in parallel with preparations for asset divestment.
- Australian Vanadium cash position of $36.4m as at 30 June 2024, boosted by $24.5m in progress payments under the Australian Government Grant.
- Vanadium Resources Limited Steelpoortdrift water use license application approved.
- Richmond Vanadium Technology - Collaboration Agreement signed to establish a new grid scale Australian vanadium battery industry.
- QEM Julia Creek Project Scoping Study results in a post-tax NPV(8%) of approximately AUD 1,106M and 16.3% IRR. Initial CapEx AUD 791M.
As usual all comments are welcome.
(20min delay)