Longbai Group recently announced that in order to improve the comprehensive utilization value of the company’s Panzhihua vanadium titanium magnetite resources and promote the industrialization of vanadium extraction from the company’s iron concentrate, ’s wholly-owned subsidiary Longbai Sichuan Mining and Metallurgy Co., Ltd. plans to invest in the construction of vanadium Ilmenite concentrate alkaline pellet wet process innovative demonstration project with an annual output of 30,000 tons of V2O5.
data shows that the mine is the largest vanadium-titanium magnetite in China. As of the end of 2021, it has 133.1072 million tons of vanadium-titanium magnetite resources, including 35.6594 million tons of iron-containing element resources and 13.9357 million tons of titanium metal oxide resources. Vanadium metal oxide resources are 323,600 tons.
In recent years, the conditions for the industrialization of vanadium flow batteries have become increasingly mature and have become one of the green and environmentally friendly batteries with the strongest development momentum.
EVTank data shows that a large number of domestic vanadium battery energy storage projects will start construction in 2022. is expected to have a new installed capacity of 0.6GW throughout the year. In 2025, the new scale of vanadium batteries will reach 2.3GW. In 2030, the new scale will be Reaching 4.5GW, the cumulative installed capacity of vanadium battery energy storage projects will reach 24GW.
At present, the amount of vanadium pentoxide used in 1GW vanadium battery is about 10,000 tons. The new demand for vanadium pentoxide in 2025 will be 23,000 tons, and the new demand in 2030 will be 45,000 tons, which is equivalent to 2020. 9 times the size of the vanadium battery market.
In terms of vanadium resources, China is a major country in vanadium resources, with reserves ranking first in the world. However, when demand breaks out, there is still uncertainty in the supply of vanadium resources due to factors such as the degree of resource development and the production capacity construction cycle. To this end, some companies have begun to deploy vanadium resources in advance.
On July 7, CNNC Titanium Dioxide announced that the company and Sichuan Weilid Energy Co., Ltd. signed a strategic cooperation agreement on the "Full Vanadium Redox Flow Battery Energy Storage Industry Chain". The two parties will jointly establish a joint venture in Baiyin City , in the early stage, we will focus on developing vanadium ore resources in Gansu Province, and make every effort to obtain high-quality vanadium ore resources at home and abroad.
Guotai Junan Securities believes that the all-vanadium redox flow battery industry is in the transition stage from the introduction period to the growth stage. The quality and price of raw materials are the core factors restricting the production capacity of all-vanadium redox flow batteries. Industry leaders with scale advantages and R&D capabilities will Benefit.
