Date: Nov 27, 2018
Vanadium prices have risen sharply recently with the change of Chinese building code standards requiring vanadium to strengthen steel rebar. China, by far the world’s largest vanadium producer and vanadium consumer, has exacerbated the supply deficit by becoming a net importer through the consumption of vanadium supply that was formerly available to end users from other countries. Increased demand for vanadium flow battery applications is also another lesser factor in the vanadium price increase from US $10 to US $33 during 2018.
Western Uranium & Vanadium Corp. (CSE: WUC | OTCQX: WSTRF) recently announced(October 25, 2018) its intention to re-open the Sunday Mine Complex (“SMC”) with the goals of upgrading the vanadium resource and monetizing these already significant vanadium resource holdings. This news comes not long after the Company changed its name from Western Uranium Corporation to Western Uranium & Vanadium Corp. The name change was implemented by the board after having obtained shareholders’ approval at the Company’s Annual General and Special Meeting held in New York City on June 29, 2018.
Mr. George Glasier, President and CEO of Western, commented: “This name change is reflective of Western’s significant vanadium resource holdings and the business opportunities derived from the increased global demand for vanadium in high-strength steel and vanadium flow battery applications.”
