Australian firms mull larger Finnish vanadium project

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.

By Angus Macmillan