The Australian mining company Aura Energy wants to start extracting Vanadium metal in the Swedish region of Jämtland and then producing so-called Vanadium Redox batteries. The company expects to invest more than 5 billion Swedish crowns in the project, reports Dagens Industri.
The place is Häggån near Myrviken south of Östersund. The company discovered the deposit almost 10 years ago and now wants to manufacture batteries of the precious metal. According to the company's prospecting, Häggån has one of the largest deposits of metal in the world.
"Within 3-5 years, we hope to have a mining break in Häggån. It's an optimistic, but realistic schedule, if everything goes as it should, prices are high and the state process flows as we hope, "said Auras Chairman of the Board Peter Reeve to daily newspaper Dagens Industri.
A vanadium battery, also known as redox flow battery, has a high capacity to store energy for long periods of time. Unlike lithium-ion batteries, these are large and thus stationary.
The Australian company expects the mine and the factory to create more than 700 jobs.