VA N A D I U M
The rise of vanadium With the recent industry focus on sustainability and electrification, critical minerals such as vanadium have increased in prominence.
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anadium is currently used in high-strength, low-alloy steel and is emerging as a critical battery storage commodity for its use in vanadium redox flow batteries, ideally suited to large, grid-scale storage solutions. In July last year, the Australian Government announced it is supporting the resources and critical minerals sector with almost $50 million in funding for projects to help grow businesses and create new jobs. The matched funding from the $1.3 billion Modern Manufacturing Initiative will support eight companies to scale up local downstream processing of critical minerals and add value to the battery and clean technology supply chains. This will include onshore production of battery storage systems and adoption of battery technology across the mining sector. At the time, then-Minister for Industry, Science and Technology Christian Porter said Australia was well placed to capitalise on growing global demand for battery systems and the critical minerals associated
Multicom Resources’ St Elmo site is the first vanadium mine in Queensland to receive licence approval.
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with their production, with the energystorage market expected to be worth almost $US20 billion ($27 billion) by 2027. “Australia’s resource sector is worldclass. Through our $1.3 billion Modern Manufacturing Initiative, we are helping to unlock this enormous potential by providing targeted support for projects that will deliver big rewards for our local economy in terms of export earnings and new job opportunities,” Porter said. “It is also critical that we build our sovereign capability in this sector, with China currently the world leader in critical minerals processing, including battery production.” “Whether it’s building large-scale battery systems, adding value to critical minerals exports through new refining techniques, or driving the adoption of battery power in mining vehicles, these projects will increase Australia’s international competitiveness and help position us as a future leader in this crucial sector.” One of the companies that was
successful in this initiative was Australian Vanadium, which is using its $3.9 million grant to fast-track manufacturing of largescale vanadium redox flow battery systems that can be used to support residential power grids. In November, the Queensland Government recognised the importance of vanadium as a new economy mineral with plans for a processing plant in Townsville. Queensland Treasurer and Minister for Trade and Investment Cameron Dick says vanadium will play a significant part in the state’s transition to clean energy. “We want regional Queensland to be a global leader when it comes to everything that’s part of the renewable energy revolution,” he says. “Australia has the world’s third largest deposits of vanadium resources, but right now we don’t produce a single kilogram of processed vanadium. “The mining companies looking to process vanadium at an industrial scale don’t have the capital necessary to make that jump. That’s where
