Emerging Global Vanadium Boom Continues as Prices Rise 400% Over Past 24 Months
Date: Jun 21, 2018
Vanadium is used to produce high-strength steel and chemical catalysts, but much of the future demand excitement stems from its role in vanadium redox flow batteries (VRFBs) as industry experts believe there’s a revolution coming in vanadium redox flow batteries. Vanadium prices have risen by more than 400% over the past 24 months exceeding US$15 per pound V2O5. The global All Vanadium Redox Flow Battery market is valued at million US$ in 2017 and will reach million US$ by the end of 2025, growing at a CAGR of during 2018-2025. Steel applications also accounts for impressive percentages of total consumption as high-strength low-alloy (HSLA) steels are by far the largest market for vanadium and consumption in this application has benefited from increasingly stringent building requirements, particularly in China, which has resulted in the use of larger quantities of vanadium-bearing rebar. Active mining companies in the markets today include: Cornerstone Metals Inc. (TSX-V: CCC) (OTC: CCCCF), Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), Uranium Energy Corp (NYSE: UEC), Denison Mines Corp. (NYSE: DNN) (TSX: DML), Alexco Resource Corp. (NYSE: AXU) (TSX: AXR).
Cornerstone Metals Inc. (TSX-V: CCC) (OTCQB: CCCCF) BREAKING NEWS: Cornerstone Metals is pleased to announce additional preliminary results of metallurgical test work being conducted on its Carlin Vanadium Project in Nevada. The third round of testing has achieved vanadium extraction levels of 95.5%.
“Our testing has very quickly moved the needle from the low 80’s, which were strong, to outstanding numbers, far exceeding even our metallurgists’ expectations,” said Cornerstone President and Chief Executive Officer Paul Cowley. “These numbers show a clear sign of a major technical breakthrough for our project.”
Test work continues on a sample composite generated from an 18.9 metre drill core intercept from the Company’s recent diamond drilling verification program on the deposit. The latest results employed a roast/leach/pressure oxidation approach. Ongoing test work will continue to optimize various parameters with the aim of developing a conceptual flowsheet. Once a conceptual flowsheet has been defined, tests will be run across the deposit on a full range of samples. The tests to date have been conducted to demonstrate potential recoveries. At this stage, there is no suggestion that these tests demonstrate economic viability.
