MINEX Forum

Tag: Vanadium

  • Sweden Lifts Uranium Mining Ban, Opening Path to Exploration from January

    Sweden Lifts Uranium Mining Ban, Opening Path to Exploration from January

    Sweden’s parliament, the Riksdag, has voted to repeal a 2018 moratorium on uranium mining, reopening the country to exploration and production beginning January 1. The decision restores uranium’s status under the Minerals Act, enabling companies to apply for exploration and mining concessions after a seven-year freeze.

    The move positions Sweden — which holds an estimated 27% of Europe’s known uranium resources, according to the Geological Survey of Sweden — to play a larger role in Europe’s energy transition and nuclear fuel supply security.

    “It is very positive that the Riksdag is now backing the government’s proposal,” said Maria Sunér, CEO of the Swedish Mining Association (Svemin). “There are no factual reasons for uranium to be treated differently than other metals, and it is therefore entirely reasonable that we now have the opportunity to utilize the resources found in our bedrock efficiently.”

    A municipal veto on handling small quantities of uranium was also narrowed, reducing local barriers to development.

    Policy Shift and Strategic Context

    The repeal caps a two-year legislative push led by Sweden’s Climate and Enterprise Ministry. The government formally presented the bill in August 2025, describing uranium as strategic for both nuclear energy expansion and raw-materials security.

    Sweden operates six nuclear reactors, supplying roughly one-third of the nation’s electricity. Plans are underway to build several new reactors over the next decade to meet surging power demand.

    The change also aligns with broader EU supply-chain resilience goals, as the bloc seeks to reduce its dependence on imported uranium, particularly from Russia.

    Exploration Ready to Resume

    Several companies are preparing to act immediately.

    Australian explorer Aura Energy (ASX: AEE; AIM: AURA), which controls the Häggån polymetallic deposit in Jämtland, has already submitted a 25-year exploitation permit to Sweden’s Mining Inspectorate. Häggån’s JORC resource includes roughly 800 million lb of uranium oxide (U₃O₈) within a 2.55-billion-tonne vanadium deposit.

    “This vote means that from now on uranium has the potential to be an important contributor to Sweden’s economy and energy security and to support the region’s intention to triple nuclear power,” said Aura executive chairman Phil Mitchell.

    Canada’s District Metals (TSXV: DMX) also hailed the vote as a “historic step.” The company plans fieldwork in 2026 at its Viken project, including geophysics, drilling, and economic studies. Viken hosts an indicated resource of 176 million lb U₃O₈ and an inferred resource of 1.54 billion lb U₃O₈, alongside vanadium and molybdenum.

    Market Response

    Despite the legislative breakthrough, uranium developers saw modest share pullbacks:

    • Aura Energy fell 7% to A$0.20, trimming its 12-month gain to 46% (market cap A$188 million / $122 million).

    • District Metals slipped 6% to C$1.37, giving it a valuation of C$228 million ($162 million), though its stock has quadrupled in the past year.

    Next Steps

    A separate proposal is now under consultation until December 3 to redefine uranium mining so it is no longer legally classified as a nuclear installation. If adopted, that change would take effect on July 1, 2026, further simplifying the permitting process.

  • Ferro-Alloy Resources Secures Major Cost Savings and Financing Boost for Kazakhstan Vanadium Project

    Ferro-Alloy Resources Secures Major Cost Savings and Financing Boost for Kazakhstan Vanadium Project

    Ferro-Alloy Resources Ltd (LSE: FAR) saw its shares surge 13% to 6.21p after announcing substantial cost reductions and a financing breakthrough for its flagship Balasausqandiq vanadium project in southern Kazakhstan.

    The AIM-listed mining company has signed an agreement with China National Chemical Engineering Sixth Construction (CC6) — one of the world’s top industrial contractors — for front-end engineering and design (FEED) work on the project.

    According to the company, CC6 has provided an indicative construction cost of $261 million, cutting the total funding requirement to $311.9 million — about 40% lower than previously estimated in the project’s feasibility study.

    The revised figures have significantly improved project economics, boosting Balasausqandiq’s post-tax internal rate of return (IRR) to 31% and its net present value (NPV) to $931.6 million.

    Adding to the positive momentum, CC6 has arranged a conditional, non-binding loan offer worth $221.8 million from the Bank of Communications (Hubei Branch), covering 85% of CC6’s construction scope.

    Discussions are also under way with Sinosure, China’s export credit agency, which could provide loan guarantees to reduce borrowing costs.

    “This partnership with CC6 demonstrates the potential to significantly enhance the project’s financial returns,” said Nick Bridgen, CEO of Ferro-Alloy Resources. “It also strengthens our path to production and positions Balasausqandiq as one of the most competitive vanadium operations globally.”

    The company is now in talks with potential strategic investors to fund the project’s equity component, while CC6’s FEED work — expected to last six months — will be followed by a final engineering, procurement and construction (EPC) contract once costs are finalized.

  • Ferro-Alloy Resources Publishes Feasibility Study for Balasausqandiq Vanadium Project in Kazakhstan

    Ferro-Alloy Resources Publishes Feasibility Study for Balasausqandiq Vanadium Project in Kazakhstan

    Ferro-Alloy Resources Limited has released the results of the feasibility study (FS) for the first stage of development of the Balasausqandiq vanadium deposit in southern Kazakhstan, confirming the project’s strong economic potential.

    According to preliminary estimates, the total investment required for the first phase amounts to $520 million, with the company currently in talks with potential investors to secure financing.

    The project envisions the annual production of 8,500 tonnes of vanadium pentoxide (V₂O₅) and 247,000 tonnes of carbon black substitute (CBS) over a 20-year mine life. A second phase is expected to quadruple production capacity while maintaining a similar project timeframe. The net present value (NPV) of the project is estimated at $748 million.

    One of the project’s main advantages lies in the unique composition of the Balasausqandiq ore, which consists of black shale that does not require pre-concentration – unlike typical vanadium-bearing titanomagnetite ores that require beneficiation and high-temperature roasting. This gives the project significant cost advantages compared to conventional vanadium production.

    The FS confirmed the high economic viability and low operating costs of the project, indicating that Balasausqandiq could position Ferro-Alloy Resources as one of the world’s leading vanadium producers.

    The company also noted additional opportunities to enhance value-added production, which will be further examined during the detailed design phase.

    Nick Bridgen, CEO of Ferro-Alloy Resources Limited, emphasized the growing global demand for vanadium and the looming supply deficit expected from 2029 onward.

    “By 2035, the vanadium shortfall could exceed the total global production level recorded in 2024,” he said, underscoring the strategic importance of the Balasausqandiq project for the global vanadium supply chain.

  • District Metals’ Viken Project Now Second Largest Uranium Deposit Globally Following Major Resource Update

    District Metals’ Viken Project Now Second Largest Uranium Deposit Globally Following Major Resource Update

    District Metals (TSXV: DMX) has unveiled a significant upgrade to its Viken uranium project in central Sweden, announcing a new resource estimate that positions the project as the second largest uranium deposit in the world. The update has driven a substantial increase in the company’s share price, reflecting investor enthusiasm.

    The updated resource now totals 456 million indicated tonnes with a grade of 175 parts per million (ppm) uranium oxide (U3O8), equating to 176 million contained pounds of U3O8. This marks an almost ninefold increase compared to the previous 2010 resource estimate. Inferred resources also saw a significant boost, growing by 44% to 4.33 billion tonnes at a grade of 161 ppm U3O8, yielding 1.53 billion contained pounds.

    District CEO Garrett Ainsworth expressed that the impressive growth in the resource estimate highlights the strong continuity in grade and thickness of the mineralized Alum Shale formation across the Viken deposit. He also mentioned the potential for further expansion of the inferred resource, further underscoring the project’s promising future.

    Following the announcement, District Metals’ shares surged by 23%, reaching C$0.35 per share in afternoon trading on Tuesday, giving the company a market capitalization of C$45.9 million.

    Sweden’s Uranium Revival
    The new resource estimate for Viken is bolstered by the growing momentum for uranium in Sweden. The country is on the cusp of lifting its 2018 ban on uranium exploration and mining. The Swedish government, led by Prime Minister Ulf Kristersson, has been pushing to overturn the ban since 2023, with legislative changes expected to come into effect by January 2024.

    While Sweden’s uranium output is small on the global stage, its resources represent 27% of Europe’s total, according to the Swedish Geological Survey. The global demand for uranium, driven by the need for zero-emission energy sources, is also creating a favorable environment for Sweden’s uranium projects.

    Global Ranking of Viken
    Viken’s resource estimate places it among the largest uranium projects in the world. District Metals’ analysis, compared to other global uranium projects, positions Viken just below BHP’s Olympic Dam polymetallic project in South Australia, based on the total contained uranium.

    Additional Critical Minerals
    In addition to uranium, the Viken deposit hosts significant amounts of other critical minerals. The indicated vanadium resource has increased more than 16 times, with 2.85 billion pounds of vanadium oxide (V2O5) at a grade of 2,836 ppm. The inferred vanadium resource has grown by 45% to 24.29 billion pounds at a grade of 2,543 ppm V2O5.

    The indicated zinc resource totals 413 million pounds, grading 411 ppm zinc, and the inferred resource adds 3.9 billion pounds at a grade of 417 ppm. The nickel resources are also notable, with 332 million pounds of nickel in the indicated category at a grade of 330 ppm, and 3 billion pounds in the inferred category at a grade of 321 ppm.

    Next Steps
    The Swedish government’s plans to lift the uranium mining ban will influence District’s decision on whether to proceed with a preliminary economic assessment for Viken in the fourth quarter of 2023. The new resource estimate is based on 122 holes, including drilling data from previous operators between 2006 and 2012.

  • Norwegian vanadium mining needs EU regulatory support to develop

    Norwegian vanadium mining needs EU regulatory support to develop

    [vc_section][vc_row][vc_column][distance desktop_type=”30″][lvs][distance desktop_type=”30″][vc_btn title=”Source – bestmag.co.uk” color=”sky” i_type=”material” i_icon_material=”vc-material vc-material-perm_device_information” add_icon=”true” link=”url:https%3A%2F%2Fwww.bestmag.co.uk%2Fnorwegian-vanadium-mining-needs-eu-regulatory-support-to-develop%2F|target:_blank”][distance desktop_type=”30″][vc_column_text]Speaking at the International Flow Battery Forum at the end of June, Jana Plananska of Norge Mining said Europe was dependent on China for vanadium, with 75% of imports coming into the EU from there. “There’s no native mining in Europe,” she said. “We need regulatory support of the EU’s critical minerals act, especially for planning and construction of production facilities, and an accelerated permitting process.”

    The company said in terms of global vanadium mine production, China accounts for 62%, Russia 20%, South Africa 11% and Brazil 7%, making it a “highly vulnerable” supply chain.

    Plananska said market demand is projected to grow rapidly: to 280,000 tons by 2030 from 112,000 tons in 2020. Demand will be driven by the flow battery sector, which is expected to represent up to 50% of vanadium demand by 2030.

    The company was founded in 2018 and has exploration rights for over 70 billion tons of phosphate rock in southern Norway, which the company says are the largest phosphate rock reserves in the world. Vanadium mining is due to start in 2028, she said. Norge Mining’s feasibility planning results are expected by 2025.

    The Norwegian government published a mineral strategy in June, based on five principles, including environmental sustainability, faster project implementation, use of private capital and international partnerships.[/vc_column_text][distance desktop_type=”30″][/vc_column][/vc_row][/vc_section]