While vanadium consumption has softened in recent months, there is still plenty of optimism that the market’s medium- to long-term outlook remains strong. As mentioned, part of that is to do with the energy transition.
Four countries contribute to the vast majority of that output. Below is a brief overview of these top vanadium producers.
Mine production: 68,000 MT
China was the world’s top vanadium-producing country in 2023 with output of 68,000 MT. That’s compared to 66,900 MT produced in 2022 and 70,300 MT in 202. The Asian nation far outpaces all other countries in terms of vanadium-mining output, and leads the world in vanadium consumption as well due to its high steel production.
Mine production: 20,000 MT
Second on the list is Russia, whose vanadium output totaled 20,000 MT in 2023, essentially on par with production in the previous two years. Russia’s vanadium reserves are the second largest in the world at 5,000 MT.
Mine production: 9,100 MT
South Africa’s vanadium output is on an uptrend, reaching 9,1000 MT in 2023. In 2018, the country’s output dropped to 7,700 MT, and has been slowly recovering since. In 2022, mining grew by 230 MT over the previous year.
Mine production: 6,400 MT
Australia has the highest vanadium reserves in the world, coming in at 8.5 million MT as of 2023, although it should be noted that only 1.7 million MT are JORC compliant. Russia is in second place with 5 million MT of vanadium reserves, while China is next in line with vanadium reserves of 4.4 million.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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