Richmond Vanadium Sees Massive Global Shortage Of Vanadium
Date
7/21/2023 11:06:01 PM
(MENAFN- News Direct) Richmond Vanadium technology Ltd (ASX:RVT) managing director Jon Price predicts a massive global shortage of vanadium supply on the horizon.“Supply is dominated by China, South Africa, Russia and Brazil ... and now China is nearly a net importer given its rate of adoption of Vanadium Redox Flow Batteries. We're looking at demand doubling over the next 4-5 years and the question's going to be where is that supply going to come from?”The Richmond Vanadium Project is one of the largest undeveloped oxide vanadium resources in the world with a resource of 1.8 billion tonnes at 0.36% for 6.7 million tonnes of V2O5 and an ore reserve of 459 million tonnes at 0.49% for 2.25 million tonnes.
RVT released its quarterly report today, reiterating its clear focus to unlock the potential of its world class vanadium deposit to support the global energy transition and be recognised as a trusted global leader in the vanadium market and a long-term stable supplier of high quality vanadium.
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