Report: The Economics of Vanadium, 11th edition, 2007 TOC

1. Summary

2. Introduction, reserves and sources of vanadium

2.1 Properties of vanadium
2.2 Occurrence and reserves of vanadium
2.3 Sources of vanadium

3. Mining and processing of vanadium

3.1 Mining of vanadium ores
3.2 Processing of vanadium
- 3.2.1 Titanomagnetite vanadium concentrates
- 3.2.2 Vanadiferous slag
- 3.2.3 Uranium-vanadium ores
- 3.2.4 Vanadium-bearing oils
- 3.2.5 Spent catalysts
3.3 Refining of vanadium
3.4 Production costs for vanadium

4. World production of vanadium

4.1 Sources of vanadium
4.2 Production of vanadium
4.3 Structure of the vanadium industry
4.4 Future trends in production of vanadium

5. Review of vanadium-producing countries

5.1 Armenia
5.2 Australia
- 5.2.1 Production of vanadium in Australia
- 5.2.2 Potential producers of vanadium in Australia
  - 5.2.2.1 Aurox Resources
  - 5.2.2.2 Greater Pacific Gold
  - 5.2.2.3 Precious Metals Australia
  - 5.2.2.4 Reed Resources
  - 5.2.2.5 Other potential producers
5.3 Austria
5.4 Belgium
5.5 Brazil
5.6 Burundi
5.7 Canada
- 5.7.1 Potential producers of vanadium in Canada
  - 5.7.1.1 Bell River vanadium deposit
  - 5.7.1.2 Gossan Resources
  - 5.7.1.3 Gulf Chemical & Metallurgical
  - 5.7.1.4 McKenzie Bay International
  - 5.7.1.5 Metallurg Vanadium
  - 5.7.1.6 Randsburg International Gold
5.8 Chile
5.9 China
- 5.9.1 Reserves of vanadium in China
- 5.9.2 Producers of vanadium in China
  - 5.9.2.1 Beihai Special Ferroalloy Group
  - 5.9.2.2 Caixin Ferroalloy Plant
  - 5.9.2.3 Chengde Xinxin Vanadium & Titanium Co
  - 5.9.2.4 Chengdu Tianxing Investment & Meter Co
  - 5.9.2.5 Dalian Galaxy Metal Material Co
  - 5.9.2.6 Dunhuang Jindi Vanadium Co
  - 5.9.2.7 Fuzhou Fuyuan Nonferrous Metal Products Co
  - 5.9.2.8 Hangten Asia Co
  - 5.9.2.9 Hengyang Xiangnan Chemical Co
  - 5.9.2.10 Hongda Vanadium Co
  - 5.9.2.11 Hongfeng Vanadium
  - 5.9.2.12 Hong Jing Environment Co
  - 5.9.2.13 Liaoning Chenguang Ferroalloy Group
  - 5.9.2.14 Linghai Daye Ferroalloy Plant
  - 5.9.2.15 Longyear Mineral Products Co
  - 5.9.2.16 Metalink International Co
  - 5.9.2.17 Miyi Xingchem Vanadium & Titanium Alloys Co
  - 5.9.2.18 M.S. Resources
  - 5.9.2.19 Nanjing Yongfu Special Ferroalloy Works
  - 5.9.2.20 Panzhihua New Steel & Vanadium
  - 5.9.2.21 SF Vanadium Industry Co
  - 5.9.2.22 Shanghai Jiuling Smelting Co
  - 5.9.2.23 Shanyang Vanadium Mine
  - 5.9.2.24 Shuangfeng Vanadium
  - 5.9.2.25 TTCM
  - 5.9.2.26 Winshine Metallurgy Chemicals Co
  - 5.9.2.27 Wuhu Renben Alloy Co
  - 5.9.2.28 Xicheng New Vanadium & Titanium Co
  - 5.9.2.29 Yuxi Pengcheng Chemical & Smelting Co
  - 5.9.2.30 Zhuoyue Investment
- 5.9.3 Trade in vanadium in China
5.1 Czech Republic
5.11 Finland
5.12 France
5.13 Germany
- 5.13.1 GfE Metalle und Materialien
- 5.13.2 Nickelhutte Aue
5.14 Greenland
5.15 India
- 5.15.1 Producers of vanadium in India
5.16 Japan
- 5.16.1 Producers of vanadium in Japan
  - 5.16.1.1 Kashima Kita Electric Power Corp
  - 5.16.1.2 Metal Technology
  - 5.16.1.3 New Chemical Industries
  - 5.16.1.4 Shinko Chemical
  - 5.16.1.5 Taiyo Koko
- 5.16.2 Past producers of vanadium in Japan
5.17 Kazakhstan
5.18 South Korea
5.19 Mexico
5.20 Namibia
5.21 Netherlands
5.22 New Zealand
5.23 Poland
5.24 Russia
- 5.24.1 Reserves of vanadium in Russia
- 5.24.2 Production of vanadium raw materials in Russia
- 5.24.3 Producers of vanadium raw materials in Russia
  - 5.24.3.1 KGOK
  - 5.24.3.2 JSC Pervouralsk RU
  - 5.24.3.3 JSC Volkovsky Rudnik
  - 5.24.3.4 Basic Element
  - 5.24.3.5 Potential production of vanadium raw materials
- 5.24.4 Production of vanadium slag in Russia
- 5.24.5 Production of vanadium products in Russia
- 5.24.6 Producers of vanadium products in Russia
  - 5.24.6.1 JSC ChMZ
  - 5.24.6.2 Evraz Group
  - 5.24.6.3 OAO Svyatogor
  - 5.24.6.4 JSC Uralredmet
  - 5.24.6.5 OAO Vanady Tula
  - 5.24.6.6 JSC VSMPO
5.25 Somalia
5.26 South Africa
- 5.26.1 Reserves of vanadium in South Africa
- 5.26.2 Production of vanadium in South Africa
- 5.26.3 Producers of vanadium in South Africa
  - 5.26.3.1 Highveld Steel and Vanadium
  - 5.26.3.2 Pinnacle Resources
  - 5.26.3.3 Vametco Minerals
  - 5.26.3.4 Verus Investments
  - 5.26.3.5 Xstrata
- 5.26.4 Trade in vanadium in South Africa
5.27 Swaziland
5.28 Sweden
5.29 Taiwan
5.30 Tajikistan
5.31 Tanzania
5.32 UK
5.33 Ukraine
- 5.33.1 JSC Mariupol Metallurgical Complex
- 5.33.2 Zuyevsky Energomekhanichesky Complex
5.34 USA
- 5.34.1 Reserves of vanadium in the USA
- 5.34.2 Production of vanadium in the USA
- 5.34.3 Producers of vanadium in the USA
  - 5.34.3.1 ATI Wah Chang
  - 5.34.3.2 Cotter Corp
  - 5.34.3.3 CS Metals
  - 5.34.3.4 Gulf Chemical & Metallurgical Corp
  - 5.34.3.5 Metallurg Vanadium
  - 5.34.3.6 Reading Alloys
  - 5.34.3.7 Shepherd Chemical
  - 5.34.3.8 Strategic Minerals Corp
  - 5.34.3.9 Tronox
  - 5.34.3.10 F.W. Winter
- 5.34.4 Potential producers of vanadium in the USA
  - 5.34.4.1 Anglo-Canadian Uranium Corp
  - 5.34.4.2 Denison Mines
  - 5.34.4.3 Energy Fuels Resources Corp
  - 5.34.4.4 Golden Reef Mining
  - 5.34.4.5 Northwestern Mineral Ventures
  - 5.34.4.6 Stina Resources
  - 5.34.4.7 Sxr Uranium Ore
  - 5.34.4.8 USECC
- 5.34.5 Trade in vanadium in the USA
5.35 Venezuela
- 5.35.1 Bitor
- 5.35.2 Lagoven
5.36 Zimbabwe

6. World consumption of vanadium

6.1 Consumption of vanadium by region
6.2 Future trends in demand for vanadium

7. Use of vanadium in steel

7.1 Strengthening mechanisms for steel
7.2 Use of vanadium in high-strength low-alloy steels
- 7.2.1 Types of HSLA steel
- 7.2.2 Markets for HSLA steels
  - 7.2.2.1 Oil and gas industry
  - 7.2.2.2 Transport industry
  - 7.2.2.3 Pressure vessels
  - 7.2.2.4 Reinforcing bars
  - 7.2.2.5 Structural applications
- 7.2.3 Production of high-strength steels
7.3 Use of vanadium in full alloy steels
- 7.3.1 Types of full alloy steel
- 7.3.2 Production of full alloy steels
7.4 Use of vanadium in tool steels
- 7.4.1 Types of tool steel
- 7.4.2 Production of tool steels
7.5 Use of vanadium in carbon steels
- 7.5.1 Types of carbon steel
- 7.5.2 Production of carbon steel
7.6 Use of vanadium in stainless steel
- 7.6.1 Types of stainless steel
- 7.6.2 Production of stainless steel
7.7 Use of vanadium in cast iron
7.8 Trends in demand for vanadium in steel

8. Use of vanadium in non-ferrous alloys

8.1 Use of vanadium in titanium alloys
8.2 Use of vanadium in superalloys
8.3 Use of vanadium in magnetic alloys
8.4 Use of vanadium in other non-ferrous alloys
8.5 Trends in demand for vanadium in non-ferrous alloys

9. Use of vanadium in chemical applications

9.1 Use of vanadium in catalysts
- 9.1.1 Sulphuric acid production
- 9.1.2 Monomer production
- 9.1.3 Synthetic rubber production
- 9.1.4 Flue gas desulphurisation and denitrification
- 9.1.5 Hydrogen sulphide removal
- 9.1.6 FCC catalysts
- 9.1.7 Other catalytic uses
9.2 Use of vanadium in batteries
- 9.2.1 Vanadium redox batteries
- 9.2.2 Producers of vanadium redox batteries
- 9.2.3 Lithium-metal polymer batteries
9.3 Use of vanadium in corrosion inhibitors
9.4 Use of vanadium in medicine and pharmaceuticals
9.5 Use of vanadium in dyes
9.6 Use of vanadium in phosphors
9.7 Use of vanadium in glass and ceramics
9.8 Use of vanadium in conversion coatings
9.9 Future trends in demand for vanadium in chemical applications

10. International trade in vanadium

10.1 Trade in vanadium ash, residues and slag
10.2 Trade in vanadium pentoxide
10.3 Trade in ferro-vanadium
10.4 Trade in vanadium metal

11. Prices of vanadium

11.1 Historical price trends for vanadium
11.2 Outlook for vanadium prices

List of Tables

Table 1: Properties of vanadium
Table 2: World: Vanadium reserves and reserve base, 2005
Table 3: Specifications for ferro-vanadium produced by Stratcor
Table 4: Specifications for NitrovanR Vanadium produced by Stratcor
Table 5: World: Producers of vanadium by raw material source
Table 6: World: Production of vanadium by country, 2003-2005
Table 7: World: Production of vanadium by region, 2003-2005
Table 8: World: Production of primary vanadium by country, 1998-2005
Table 9: World: Estimated production of ferro-vanadium by country, 1998-2005
Table 10: World: Leading producers of vanadium, 2006
Table 11: World: Estimated increase in vanadium production by area, 2006
Table 12: World: Expansion plans for vanadium planned or under consideration,
Table 13: Australia: Production and exports of vanadium, 2000-2003
Table 14: Australia: Resources of vanadium, 2002-2005
Table 15: Precious Metals Australia: Resources of vanadium, mid-2006
Table 16: Xstrata: Production of vanadium pentoxide, 2000-2003
Table 17: Advantages of the Windimurra vanadium operation
Table 18: Reed Resources: Resources of vanadium at Barrambie deposit, 2006
Table 19: Summit Resources: Assay of uranium deposits
Table 20: Treibacher: Estimated production of ferro-vanadium, 1998-2005
Table 21: Hochvanadium: Production of ferro-vanadium, 2001-2006
Table 22: Belgium: Production of ferro-vanadium and vanadium imports, 1998-2005
Table 23: China: Production of vanadium, 1998-2006
Table 24: China: Producers of vanadium
Table 25: Chengde Xinxin: Vanadium product range
Table 26: Panzhihua New Steel & Vanadium: Production capacity for vanadium,
Table 27: Panzhihua New Steel & Vanadium: Production of vanadium, 1999, 2001,
Table 28: Panzhihua New Steel & Vanadium: Specifications for vanadium pentoxide
Table 29: Panzhihua New Steel & Vanadium: Specifications for ferro-vanadium
Table 30: Panzhihua New Steel & Vanadium: Specifications for nitrided vanadium
Table 31: China: Trade in vanadium, 1998-2006
Table 32: Nikom: Production of ferro-vanadium, 2000-2006
Table 33: Metaux Speciaux: Specifications for vanadium catalysts
Table 34: GfE Metalle und Materialien: Vanadium product range
Table 35: India: Reserves of vanadium by state
Table 36: India: Production of vanadium-bearing sludge by company,
Table 37: India: Production and imports of ferro-vanadium, 1998/99-2004/05
Table 38: Japan: Production of ferro-vanadium, 1998-2004
Table 39: Japan: Imports of vanadium by product, 2001-2006
Table 40: Shinko Chemical: Vanadium product range
Table 41: Mexico: Exports of vanadium-bearing ash and residues, 1998-2005
Table 42: Netherlands: Trade in vanadium, 1998-2005
Table 43: Russia: Deposits of vanadium
Table 44: Russia: Production of vanadium-bearing ores and concentrates by
Table 45: Russia: Reserves in Sredniaya Padma deposit
Table 46: NTMK: Production of vanadium slag, 2001-2004
Table 47: Russia: Production and exports of vanadium pentoxide and
Table 48: Russia: Specifications for ferro-vanadium
Table 49: Russia: Production of vanadium pentoxide by producer, 1998-2004
Table 50: Russia: Production of ferro-vanadium by producer, 1998-2005
Table 51: ChMZ: Exports of ferro-vanadium by country of destination, 2000-2005
Table 52: Evraz: Worldwide vanadium interests
Table 53: JSC Uralredmet: Imports of vanadium pentoxide by country of origin,
Table 54: JSC Uralredmet: Exports of vanadium metal by country of destination,
Table 55: Vanady Tula: Exports of vanadium pentoxide by country of destination,
Table 56: Vanady Tula: Exports of ferro-vanadium by country of destination,
Table 57: JSC VSMPO: Imports of vanadium-aluminium masteralloys by country of origin, 2000-2005
Table 58: South Africa: Production of ferro-vanadium, 1998-2005
Table 59: South Africa: Production and sales of vanadium, 1995-2005
Table 60: South Africa: Production of vanadium by producer, 2003-2005
Table 61: Highveld Steel and Vanadium: Production of vanadium, 1996-2006
Table 62: Highveld Steel and Vanadium: Reserves of vanadium
Table 63: Highveld Steel and Vanadium: Production of vanadium slag, 2001-2006
Table 64: Highveld Steel and Vanadium: Production of ferro-vanadium by
Table 65: Vanchem: Vanadium product range
Table 66: Vametco Minerals: Specifications for NitrovanR Vanadium
Table 67: Xstrata: Saleable production of vanadium in South Africa, 2001-2006
Table 68: Rhovan: Reserves of vanadium, year-end 2004
Table 69: South Africa: Exports of vanadium by country of destination, 2001-2005
Table 70: Leninabadsky Rare Metals Plant: Vanadium product range
Table 71: Tajikistan: Exports of vanadium products to Russia, 1995-2002
Table 72: Ukraine: Imports of vanadium, 2002-2005
Table 73: USA: Producers of vanadium
Table 74: Strategic Minerals: Production capacity for vanadium by operation, 2006
Table 75: Strategic Minerals: Vanadium product range
Table 76: USA: Imports of vanadium by country of origin, 2002-2006
Table 77: USA: Imports of vanadium raw materials, 2002-2006
Table 78: USA: Tariffs on vanadium imports
Table 79: World: Estimated market balance for vanadium, 2003-2006
Table 80: World: Consumption of vanadium by region, 2003-2006
Table 81: Selected countries: Consumption of ferro-vanadium, 2000-2005
Table 82: USA: Consumption of vanadium by end-use, 1998-2006
Table 83: USA: Consumption of vanadium by form, 1998-2005
Table 84: World: Forecast demand for steel by region, 2005-2015
Table 85: World: Forecast consumption of vanadium by end-use, 2010
Table 86: Principal precipitation hardening mechanisms for steel
Table 87: Effects of niobium and vanadium additions on yield strength
Table 88: Effects of alloying additions in HSLA steels
Table 89: Alloying additions and properties of ASTM grades of HSLA steels
Table 90: Typical composition of dual-phase steel
Table 91: World: Planned pipeline construction by area
Table 92: World: Pipeline construction by size and area, 2006
Table 93: Applications for HSLA steels in automobiles
Table 94: World: Production of automobiles by country, 1998-2005
Table 95: Comparison of properties of high-strength and advanced high-strength
Table 96: Composition of typical structural steels
Table 97: Composition and properties of Vasco 9-430
Table 98: Composition of a typical rail steel
Table 99: Selected countries: Production of alloy steels, 1999-2005
Table 100: Composition of high-speed steels containing vanadium produced by
Table 101: Composition of cold work tool steels containing vanadium produced
Table 102: Composition of hot work tool steels containing vanadium produced by
Table 103: Selected countries: Production of tool and high-speed steels,
Table 104: World: Production of crude steel by country, 2000-2006
Table 105: World: Leading producers of crude steel, 2005
Table 106: Composition of stainless steels containing vanadium produced by
Table 107: World: Production of stainless steel by region, 2002-2006
Table 108: World: Leading producers of stainless steel, 2003-2005
Table 109: World: Estimated consumption of vanadium in steel by type, 2005
Table 110: Selected countries: Consumption of ferro-vanadium in steel, 2000-2005
Table 111: USA: Consumption of vanadium in steel by type, 2000-2006
Table 112: Composition of vanadium-aluminium masteralloys produced by Stratcor
Table 113: Comparison of strength of aerospace materials
Table 114: Properties of TIMETAL vanadium-bearing titanium alloys produced
Table 115: Properties of AllvacR vanadium-bearing titanium alloys produced by
Table 116: USA: Consumption of vanadium in superalloys, 2000-2006
Table 117: Composition of magnetic alloys containing vanadium
Table 118: World: Forecast deliveries of large aircraft by producer, 1996-2025
Table 119: Comparison of engine weights
Table 120: World: Forecast deliveries of aeroengines by producer, 2006-2025
Table 121: USA: Consumption of vanadium in chemical applications, 2001-2006
Table 122: Applications for vanadium chemicals
Table 123: Applications for vanadium chemicals
Table 124: Applications for catalysts containing vanadium produced by BASF
Table 125: Japan: Consumption of vanadium in catalysts, 2000-2006
Table 126: China: Production capacity for vanadium catalysts by producer, 2006
Table 127: World: Forecast production of sulphuric acid by source, 2004-2014
Table 128: Catalysts for EPDM production produced by Stratcor
Table 129: Properties of vanadium catalysts for flue gas purification
Table 130: Properties of vanadium redox battery energy storage systems
Table 131: VRB-ESS projects and installations
Table 132: Properties of electric vehicle batteries
Table 133: Gas absorption processes for carbon dioxide removal
Table 134: World: Trade in vanadium oxides and hydroxides by country,
Table 135: World: Exports of vanadium oxides and hydroxides recorded by
Table 136: World: Imports of vanadium oxides and hydroxides recorded by
Table 137: World: Trade in ferro-vanadium by country, 2001-2005
Table 138: World: Exports of ferro-vanadium recorded by leading exporting
Table 139: World: Imports of ferro-vanadium recorded by leading importing
Table 140: USA: Exports of aluminium-vanadium masteralloys by country of
Table 141: World: Exports of vanadium metal, powder and scrap recorded by
Table 142: World: Imports of vanadium metal, powder and scrap recorded by
Table 143: Average vanadium prices, 1995-2005
Table 144: Highveld Steel and Vanadium: Weighted average vanadium sales
Table 145: Russia: Average values of vanadium exports, 1995-2005
Table 146: European prices of 98% vanadium pentoxide, 1997-2006
Table 147: European prices of 70-80% ferro-vanadium, major European
Table 148: US free market prices of 98% vanadium pentoxide, 1992-2006
Table 149: US free market prices of 70-80% ferro-vanadium, 1992-2006
Table 150: US free market prices of 70-80% ferro-vanadium, Pittsburgh

List of Figures

Figure 1: Process flowsheet for vanadium
Figure 2: World: Production of vanadium by source, 2005
Figure 3: Flowsheet for vanadium production
Figure 4: Flowsheet for vanadium pentoxide production by Highveld Steel and
Figure 5: Flowsheet for vanadium recovery from secondary raw materials by
Figure 6: Production costs for vanadium pentoxide and ferro-vanadium by
Figure 7: World: Vanadium production by raw material source, 2005
Figure 8: World: Estimated vanadium production by country, 2005
Figure 9: World: Capacity utilisation rates for vanadium production by raw material
Figure 10: World: Concentration of vanadium production by producer, 2005
Figure 11: JSC ChMZ: Production of ferro-vanadium, 1998-2005
Figure 12: Vanady Tula: Production of vanadium pentoxide and ferro-vanadium,
Figure 13: South Africa: Sales of vanadium, 1995-2005
Figure 14: Highveld Steel and Vanadium: Flowsheet for vanadium slag
Figure 15: Vanchem: Process flowsheet
Figure 16: Vanchem: Sales and prices of vanadium pentoxide, 1996-2005
Figure 17: Vanchem: Sales and prices of ferro-vanadium and ferro-vanadium
Figure 18: Rhovan: Production of vanadium, 2001-2005
Figure 19: World: Consumption of vanadium and crude steel production, 1992-2005
Figure 20: World: Estimated market balance for vanadium, 2003-2006
Figure 21: World: Consumption of vanadium by country, 2005
Figure 22: World: Consumption of vanadium in steel by type, 2005
Figure 23: World: Production of automobiles by leading producer, 2005
Figure 24: USA: Growth in consumption of advanced high-strength steels in automobiles, 1995-2015
Figure 25: World: Estimated production of HSLA steels by region, 2002
Figure 26: World: Production of crude steel by leading producing country, 2005
Figure 27: World: Leading producers of crude steel, 1999, 2002 and 2005
Figure 28: Average annual prices of niobium and vanadium, 1998-2005
Figure 29: USA: Consumption of vanadium in steel by type, 2005
Figure 30: World: Deliveries of large jet aircraft, 2006-2025
Figure 31: World: New airplane deliveries by size and geographical area,
Figure 32: World: Development of the aircraft fleet by area, 2006 and 2025
Figure 33: World: Demand for maleic anhydride by region, 2004
Figure 34: World: Demand for maleic anhydride by end-use, 2004
Figure 35: World: Demand for EPDM by end-use, 2004
Figure 36: World: Production capacity for EPM/EPDM by country, 2004
Figure 37: Average annual European prices of vanadium, 1988-2006
Figure 38: Highveld Steel and Vanadium: Weighted average steel and
Figure 39: European monthly average prices of vanadium pentoxide, 1997-2006
Figure 40: European monthly average prices of ferro-vanadium, 1997-2006

The Economics of Vanadium, 11th edition, 2007

Table of Contents

1. Summary

2. Introduction, reserves and sources of vanadium

3. Mining and processing of vanadium

4. World production of vanadium

5. Review of vanadium-producing countries

6. World consumption of vanadium

7. Use of vanadium in steel

8. Use of vanadium in non-ferrous alloys

9. Use of vanadium in chemical applications

10. International trade in vanadium

11. Prices of vanadium

List of Tables

List of Figures