Managing Director of Viking Mines (ASX: VKA), Julian Woodcock, discusses the uses and looming supply gap for vanadium. While most vanadium is used in steel, the growth of vanadium redox flow batteries risks demand far outweighing current mining for this critical metal.
Woodcock says “…that is, the equivalent of the global annual supply of vanadium that’s going into the steel sector at the moment. “So in a couple of years when these factories are online and they’re pumping out these batteries, they’re going to require a doubling essentially or greater of the vanadium that’s produced annually. And the forecast is that it will be even greater than that by the end of the decade.”
