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01
Vanadium … Not So “Minor”
for Titanium
Vanadium
• Gray, Ductile Metal when Pure
Naturally Occurring as Oxide
22nd Most Abundant Metal
on the Earth
Category: Transition Metal
Vanadium
• Sources
Production
Consumption
Processes
The Future
Vanadium Sources 2010 Capacity
Primary (Ore) –
23%
Secondary – 77%
Vanadium Sources 2010 Capacity
Primary (Ore) –
23%
Steelmaking Slag – 45%
Vanadium Sources 2010 Capacity
Ore – 23% Oil & Coal
Residues –
15%
Vanadium Sources 2010 Capacity
Ore – 23% Spent Catalysts – 13%
Vanadium Sources 2010 Capacity
Ore – 23% Uranium
By-Product – 4%
0
40
80
120
160
Vanadium Capacity Utilization 2010
Steel Vanadium Oil &Coal Spent Uranium Slag Ore Residues Catalysts By-Products
Millio
ns
of
Lb
s. o
f V
2O
5
Capacity Utilization
87%
83%
83% 85%
19%
Capacity (342 mm)
Production 284 mm)
Vanadium Production 2010 by Country
China – 52%
Vanadium Production 2010 by Country
China – 52%
South Africa– 24%
Vanadium Production 2010 by Country
China – 52%
South Africa– 24%
Russia – 10%
U.S.A. – 9%
Others – 5%
Vanadium Consumption 2010 by Country
China – 44%
North America– 14%
Other Asia – 15%
Russia, Others – 16%
Western Europe – 11%
Vanadium Production vs. Consumption M
illio
ns
of
Lb
s. o
f V
2O
5
130
150
170
190
210
230
250
270
290
310
1998 2000 2002 2004 2006 2008 2010
Vanadium Production
Vanadium Consumption
Global 12-Month Moving Average
Annual Rates Through August 2011
Source: Evraz Stratcor, Inc.
Vanadium Consumers
• Steelmaking: 93%
Improves Strength
Improves Wear Resistance
2010 by Industry
Vanadium Consumers
• Steelmaking: 93%
Ferrovanadium
2010 by Industry
125
150
175
200
225
250
275
300
700
800
900
1,000
1,100
1,200
1,300
1,400
1,500
Worldwide Steel Production vs. Worldwide Vanadium Consumption
1998 2000 2002 2004 2006 2008 2010
Steel Production
Vanadium Consumption
Global 12-Month Moving Average
Annual Rates Through August 2011
Millio
ns o
f Lb
s. o
f V2 O
5 per Y
ear
Mil
lio
ns o
f M
etr
ic T
on
s o
f S
teel p
er
Year
Source: Evraz Stratcor, Inc.
Vanadium Consumers
• Chemical: 4%
2010 by Industry
Catalysts, Rubber, Batteries, Pollution Control
Vanadium Consumers
• Chemical: 4%
2010 by Industry
Vanadium Chemicals
Vanadium Consumers
• Titanium: 3%
2010 by Industry
Increases Strength in Aerospace Applications
Vanadium Consumers
• Titanium: 3%
2010 by Industry
Vanadium- Aluminum
Worldwide Steel vs. Titanium Production
0
300
600
900
1,200
1,500
1 2 3 4 5 6 7 8 9 10
Steel
Titanium
2001 2003 2005 2007 2009
Millio
ns
of
Me
tric
To
ns
pe
r Y
ea
r
Source: Evraz Stratcor, Inc.
50
75
100
125
0
300
600
900
1,200
1,500
1 2 3 4 5 6 7 8 9 10
Worldwide Steel vs. Titanium Production
Steel
Titanium
2001 2003 2005 2007 2009
Millio
ns
of
Me
tric
To
ns
of
Ste
el p
er
Ye
ar
Source: Evraz Stratcor, Inc.
Millio
ns o
f Metric
To
ns o
f Tita
niu
m p
er Y
ear
• Audited for Quality
• No W, Mo, Cb
Strict Quality Standards
Vanadium in Titanium
• >99% Pure Vanadium Oxide
• Capacity
• Producer Limitations:
Limitations of Titanium Market
Half Dozen Qualified Producers Globally
• Feedstocks
Limitations of Titanium Market
Tightly Controlled Process
Stringent Quality Standards
Dedicated Production Required
Frequent, Vigorous Audits
Vanadium-Aluminum Production
Vanadium
• The Future?
Vanadium Outlook
Highly Dependent on Steel Industry
Steel Demand Driven by China
New Construction Code Mandates
High-Vanadium Grade 3 and 4
Rebar
Vanadium Outlook
Growing Use in Titanium Applications
Long Term: Balanced Supply / Demand
50
70
90
110
130
1 2 3 4 5 6 7 8 9
Projected Growth in Vanadium Demand
2007 2009 2011 2013 2015
Th
ou
san
ds o
f M
etr
ic T
on
s o
f V
an
ad
ium
per
Year
Source: TTP Squared
Batteries – Future Wild Card
Two Promising Technologies:
Vanadium Flow Redox Battery (VRB) -- For Power Grid Load Leveling
Lithium Vanadium Phosphate Battery -- For Automotive Applications
Could Require as Much as 15% of Total Vanadium Demand by 2015
0
3,000
6,000
9,000
12,000
15,000
1 2 3 4 5 6 7 8
Vanadium Consumption in Batteries
Grid
Mobile
2007 2009 2011 2013
Me
tric
To
ns
of
Va
na
diu
m p
er
Ye
ar
Source: Byron Capital Markets
New Vanadium Projects
Panzizhua, China
• Capacity: 10,000 Tons V per Year
• Due: Late 2011 / Early 2012
• All for Ferrovanadium
• Source: Steelmaking Slag
New Vanadium Projects
Windimurra, Australia
• Capacity: 6,300 Tons V per Year
• Due: Late 2011 / Early 2012
• Mainly for Ferrovanadium
• Some for Titanium
• Source: Vanadium Ore
New Vanadium Projects
Marcas Project, Brazil
• Capacity: 3,000 Tons V per Year
• Due: 2013
• Mainly for Ferrovanadium
• Source: Vanadium Ore
New Vanadium Projects
Evraz Stratcor, United States
• Expansion: 3,000 Tons V per Year
• Due: Early 2013
• Mainly for Titanium, Chemicals
• Further Expansion in 2014
• Source: Steelmaking Slag
Summary
Plentiful Vanadium Availability but
Most Will Be Used in Ferrovanadium
Additional Vanadium for Titanium Limited
Due to Purity and Quality Requirements
Only Small Amount of Vanadium from
New Projects Will Be Suitable for
Titanium
Summary
Vanadium Supply / Consumption
Should Be Balanced;
Possible Price Volatility
Wild Card: Vanadium Storage Batteries
Could Significantly Impact Market
Thank you!
