Traditionally used for steel production, the world is waking up to vanadium for clean energy solutions as pressure mounts to address climate change on a global scale and some countries already have a strong foothold in the market. China and Russia have been producing the largest quantities of vanadium since the 1960s. China has produced 84,000 tons, up 3.1 % from 2017, and it is expected to grow 3.5 % per year. As the country grapples with modernising its own infrastructure to capture intermittent power from renewables, it’s in a unique position to control the market for vanadium redox flow batteries (VRFBs).
Bushveld Minerals Limited (LON:BMN), together with its subsidiaries, engages in the exploration and development of mineral projects in South Africa. It operates through three segments: Vanadium and Iron Ore, Coal Exploration, and Vanadium Mining and Production.