Australian firms Neometals and Critical Metals are considering increasing the capacity of their planned vanadium recovery project in Finland.
An engineering cost study supports the case for processing 300,000 t/yr of vanadium-bearing slag generated by Scandinavian steel producer SSAB to produce 8,642 t/yr of vanadium pentoxide, Perth-based Neometals said.
The capital cost estimate for establishing the vanadium recovery facility is $341mn with an operating costs of $4.38/lb of recovered vanadium pentoxide. In an earlier pre-feasibility study, the processing target was 200,000 t/yr to produce 6,091 t/yr of vanadium target. The capital cost was estimated at $183mn with an operating cost of $4.25/lb of recovered vanadium pentoxide.
Neometals and Critical Metals are mulling a joint venture to establish the vanadium recovery plant at Pori in Finland and expect an environmental decision from Finnish authorities in September. Vanadium is classified as a critical raw material in Europe, which sourced most of its vanadium from Russia last year.
Another Australian firm TNG has received a conditional letter of support from credit agency Export Finance Australia for up to A$300mn ($207mn) of funding for its Mount Peake vanadium-titanium-iron project in the Northern Territory. The project is targeting production of 100,000 t/yr of titanium dioxide, 6,000 t/yr of vanadium pentoxide and 500,000 t/yr of ferric oxide.
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