BASE METALS

Finland vanadium plant could open door to European market

A JV between Critical Metals and ASX-listed Neometals has chosen a site in Finland to build its new vanadium recovery plant which it expects to supply around 5% of the global market from 2025.

 A proposed vanadium recovery plant located in Finland is hoping to supply 5% of the global market by 2025

A proposed vanadium recovery plant located in Finland is hoping to supply 5% of the global market by 2025

 
 The plant  will process 200,00 tonnes of  steel slag from Scandinavian steel giant SSAB, with which the JV has recently signed a 10-year, 2 million tonne supply agreement. It is scheduled to start up in 2024.
 
The plant, which will be located in Pori on Finland's west coast, will have a capital cost of US$159 million and a pre-tax NPV of $139 million, with an internal rate of return of 24% and payback of less than five years, a recently scoping study indicated. 
 
Neometals is funding the first phase of the project's feasibility study until an investment decision is made, Chris Reed, managing director at Neometals said at a press conference. 
 
Vanadium is included in the EU Commission's list of critical raw materials due to concerns around supply.
 
The price of ferrovanadium rose during 2020 - peaking at over US$30/kg in mid-February - thanks to Chinese appetite for vanadium, which is used in for steel production, but has since fallen back to US$24.45/kg. 
 
Neometals is Critical Metals' largest shareholder with a 15.4% holding in the Scandinavia-focused mining company, which is also rolling out the region's first commercial lithium ion battery recycling facility. 
 
Neometals share price rose  over 7% to AU$ 0.22c on Thursday, valuing the company at $122.78 million. 
 
 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.