Date: Mar 29, 2019
* Vanadium price off peaks, supported by power storage prospects
* Ferro-Alloy has raised 5.2 million pounds
* CEO says could be one of biggest, lowest cost vanadium mines
By Barbara Lewis
LONDON, March 28 (Reuters) – Ferro-Alloy Resources Group, which is producing vanadium in Kazakhstan, lists on the London stock market on Thursday, marking the first junior flotation in the sector this year.
Vanadium has traditionally been used for strengthening steel, but its price has risen 450 percent in three years on expectations it can also be used for large-scale power storage, which could have a major role in a more electrified economy.
As part of its admission to the London market, the company, which is also listed in Kazakhstan, has raised 5.2 million pounds ($6.9 million) and issued 7,507,761 new ordinary shares at a placing price of 70 pence each. That implies a market capitalisation of 219.1 million pounds.
