TTCM China granted right to work rare vanadium mine

Citation

(2006), "TTCM China granted right to work rare vanadium mine", Anti-Corrosion Methods and Materials, Vol. 53 No. 1. https://doi.org/10.1108/acmm.2006.12853aab.014

TTCM China granted right to work rare vanadium mine

TTCM China granted right to work rare vanadium mine

TTCM China, Inc. has been granted exclusive rights to mine ductile $100- an-ounce vanadium from a deposit worth an estimated $14-billion, according to Jiqun Wang, Chairman and President.

Government approval of its application enables TTCM China – recognized worldwide for the superiority of its patented glass- reinforced plastic pipes – to diversify its operations and enter the high-end mineral resources business.

First year operations mining and processing the rare metal, vanadium, are expected to yield $7-million in revenue, including $5-million in profits, Wang said. While commercial vanadium of 95 percent purity brings $20 a pound on the international market, the metal goes for $100 an ounce when it is 99.9 percent pure.

The high profit margin is attributed to the fact that the vanadium mine is very shallow, and permits low cost surface mining. TTCM has an option to purchase the mine at a fraction of its worth, Wang said.

Versatile vanadium metal is an essential element in modern manufacturing. Its structural strength and neutron cross-section properties make it useful in nuclear applications. It is also used to produce rust-resistant springs and steels for tool-making.

About 80 percent of vanadium today is produced as ferrovanadium or as a steel additive, and vanadium foil is employed as a bonding agent in binding titanium to steel. Vanadium pentoxide is used in ceramics and as a chemical catalyst, while vanadium compounds are used for dyeing and printing fabrics. A vanadium-gallium mixture is used in producing superconductive magnets.