Vanadium Market Expected to Grow Fueled by Strong Steel and Increasing Energy Storage Demands
PALM BEACH, Florida, August 2, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
The vanadium market is poised to be the latest precious metal benefiting from the evolution of the growing energy storage industry as well as a strong demand for Steel. According to the Bushveld Minerals CEO, vanadium was the best performing battery metal for 2017, growing by 72%, and that it had achieved "fivefold" growth since 2015. And now it is expected the next wave of vanadium demand to come from Vanadium Redox Batteries (VRB). Currently VRB's are responsible for less than 5% of vanadium demand. New vanadium demand is coming from China due to an increase in vanadium flow batteries used for large scale energy storage. Active in the mining industry today includes: Maxtech Ventures Inc. (CSE:MVT) (OTC:MTEHF), Largo Resources Ltd (OTC:LGORF) (TSX:LGO), Blue Sky Uranium Corp (OTC:BKUCF) (TSX-V:BSK), Ur-Energy Inc. (NYSE:URG) (TSX:URE), Uranium Energy Corp. (NYSE:UEC).
Maxtech Ventures Inc. (CSE:MVT) (OTCPK:MTEHF) (Frankfurt: M1N) BREAKING NEWS: Maxtech Ventures, is pleased to announce Maxtech Mining Zambia's two large scale exploration licenses filed in Zambia have been validated by the Minister of Mines and Mineral Development of Zambia.
The first large-scale exploration license is for an area of interest claim in the Mukambala area within the Mkushi District of the Central Province. The second area of interest is for a large-scale exploration license is in the Kabamba area within the Masaiti & Mkushi Districts of the Copperbelt and Central Provinces.
As previously announced on May 9th 2018 by the Company, two specific license areas have shown the potential for high-grade manganese mineralization with grades up to 70% Mn as well as vanadium from initial research prepared by the Company's Zambian-based geology team, GeoQuest. The exploration licenses submitted to the Minister of Mines have detailed exploration and production outlines up to 4 years covering cobalt, vanadium, nickel and copper mining rights on the areas.
GeoQuest, based in Lusaka will begin the preparation of an EPB (Environmental Project Brief), their team will begin sampling the properties for Manganese and Vanadium mineralization, current status of formal mining activities in the area, the extent-status of any artisanal mining and if necessary, further secure the areas for the Company. Read this and more news for Maxtech at: http://www.marketnewsupdates.com/news/mvt.html
In other mining developments in the markets:
Largo Resources Ltd (OTCQX:LGORF) (TSX:LGO.TO) in July released its Q2 2018 production results, which highlight a new average daily production record of 29.4 tonnes of vanadium pentoxide (V2O5) produced per day in June. Total production from the Maracas Menchen mine in the second quarter of 2018 was 2,458 tonnes of V2O5, representing a 13-per-cent increase over Q2 2017 and an 11-per-cent increase over Q1 2018. Overall V2O5 recovery rates for Q2 2018 averaged 79.2 per cent, which represents an increase of 6.6 per cent, compared with Q2 2017, and an increase of 4.3 per cent, compared with Q1 2018. The company is very pleased to report it has achieved a new daily average production record for the month of June with 29.4 tonnes of V2O5 produced per day. Total concentrate produced in Q2 2018 was 85,639 tonnes, compared with 88,186 in Q2 2017, representing a decrease of 2.9 per cent.
Blue Sky Uranium Corp (OTCQB:BKUCF) (TSX-V:BSK.V) recently announced an update on activities at its wholly-owned Amarillo Grande Uranium-Vanadium project in Rio Negro, Argentina. The Company is currently engaged in completing metallurgical testing to support the Preliminary Economic Assessment (PEA) study it plans to complete by year-end, as well as conducting exploration work to identify and delineate additional resources. Recent and upcoming work programs include: PEA for the Ivana deposit - Preliminary mineralogical testing completed by the Saskatchewan Research Council ("SRC") laboratory. Metallurgical and process test work underway at SRC. Exploration to expand resources/identify new mineralization. Ongoing auger drilling program in the Ivana area to delineate anomalous radiometric areas for follow-up with reverse circulation (RC) drilling 1000+ metre step-out (RC) drill program planned in the Ivana deposit area.
Ur-Energy Inc. (NYSE:URG) (TSX:URE) recently announced that on July 18, 2018, the U.S. Department of Commerce ("DOC") initiated an investigation into the effects of uranium imports on U.S. national security. This investigation was requested by Energy Fuels and Ur-Energy in their Petition for Relief Under Section 232 of the Trade Expansion Act of 1962 (the "Petition"), which was filed jointly by the companies on January 16, 2018. The Secretary of Commerce (the "Secretary") now has 270 days to conduct the investigation and submit a report to the President of the United States containing the Secretary's findings and proposed remedy, if any. Following receipt of the Secretary's report, the President then has up to 90 days to act on the Secretary's recommendations and, if necessary, take action to "adjust the imports of an article and its derivatives" and/or pursue other lawful, non-trade-related actions necessary to address the import threat.
Uranium Energy Corp. (NYSE:UEC) recently announced that, in conjunction with the holding of the Company's recent annual general meeting of stockholders on July 19, 2018 , the following matters were duly ratified by the Company's stockholders and have now been implemented by the Board of Directors which can be read entirely here.
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