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wastes from burning and refining oil, they are currently sold to vanadium producers at market- based prices and utilized in smaller batches, making the cost to produce vanadium from these materials relatively high as compared to other methods. Vertical integration of the vanadium recovery and production operations into existing oil refineries could significantly cut costs, as would expanding these facilities to process larger volumes of secondary-source precursors. While the anticipated modifications to the power generation infrastructure (i.e., decarbonization and electrification) may impact the operation of the fossil fuel industry and potentially disrupt the supply of secondary-source precursors, this stream could provide a near-term bridge in supply while new technologies and methodologies for vanadium extraction from lower-grade precursors are developed (as discussed next). Without relying on techno-economic advances in vanadium recovery, this supply stream could rapidly expand and diffuse the distribution of vanadium production (note the potential magnitude of supply that this stream could provide is uncertain and is beyond the scope of this work). The US is particularly suited to expand secondary-source vanadium production, due to its arsenal of oil refining facilities that are concentrated in the south of the country [46], and development of a domestic vanadium supply chain could further advance energy independence efforts if utilized for the deployment of VRFBs. In the longer term, the largest potential to grow and stabilize vanadium production – contingent upon crucial technological advances in vanadium extraction and recovery from low-grade sources – likely lies in primary mining, as vanadium is relatively abundant globally with major deposits in each inhabited continent [80]. While vanadium mines have been proposed for decades, many have yet to be realized due to financing issues. Generally, mines are capital-intensive and require years of operation to pay back; a 2011 report from the German Institute for Applied Ecology cites investment costs of $30,000 per ton of recovered capacity for rare earth element mines [81]. The ease or difficulty of financing the construction of a new mine is determined by a number of factors, but a critical piece is the feasibility study, which lays out the development and production schedules that are used to derive a cash flow model in order to determine the internal rate of return and payback period. The apparent inevitability of delays in announced primary vanadium mining projects across numerous locations is likely due to difficulty justifying the project economics found in these feasibility studies to investors, pointing to inherent challenges to extracting the relatively low grade of vanadium from precursor materials. However, if economic ways to recover vanadium from these mines could be found, it could create a sizable new supply stream. 79PDF Image | Bringing Redox Flow Batteries to the Grid
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