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Vanadium is currently considered a critical material in the European Union, the U.S.A., and other jurisdictions. The vanadium mine production for 2021 is estimated at more than 120 000 tonnes; however, the market base is expected to grow rapidly due to the increase in the use of vanadium for redox flow batteries. Currently, world-wide, many projects are in the advanced stages of exploration and development. In the longer term, should vanadium cease to be a critical material and the law of supply and demand applies, the marginal mines will be decommissioned, and the best deposits will remain economic. Depending on the prevailing regulations in specific jurisdictions, geological settings, and the most up-to-date metallurgical research results, the main vanadium deposit types that could be considered as potential exploration and development targets are the vanadiferous titanomagnetite deposits, sandstone-hosted uranium-vanadium deposits (Salt Wash category), shale-hosted vanadium deposits, and base metal-related vanadate deposits. However, placer deposits, surficial uranium-vanadium type mineralisation, and the Minas Ragra type patrónite deposits should also be considered.

Vanadium as a critical material: economic geology with emphasis on market and the main deposit types