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vanadium oxides (typically V2O3 or V2O5) or ferrovanadium (via various thermal processes that ultimately react the vanadium oxide products with some Fe-containing material, usually in the presence of lime), which are then sold to vanadium consumers [55]. For this work, we report vanadium content in terms of V2O5, as this is a common vanadium product sold on the global market and is typically used for such metrics, though trends and insights regarding the vanadium market broadly apply to all of these vanadium products [34]. A comprehensive review of vanadium production methods is beyond the scope of this work, but can be found in the open literature [48]. Figure IV-3 – Schematic of the three main production routes for vanadium pentoxide (V2O5). Primary production (i.e., mining ores for the primary purpose of extracting, refining, and selling its vanadium content) has the smallest market share (ca. 10%) because the low grades or concentrations of vanadium in mined precursors make vanadium recovery uneconomical in most cases [46]. Currently, primary mined vanadium mainly comes from Brazil, with the majority of operations run by Largo Incorporated, and South Africa, with the majority of operations run by Bushveld Minerals and Glencore [56,57]. Secondary sources account for a similarly small portion 69PDF Image | Bringing Redox Flow Batteries to the Grid
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