Mustavaaran Kaivos Oy is planning to start vanadium production from slag by-product produced by Nordic steelmaker SSAB. Extraction of vanadium from the slag will be done in a smelter to be built at the port of Raahe, on the Bothnian Bay. The estimated manpower requirement at the smelter is around 100 employees.
The end products of the smelter will be ferrovanadium and pig iron. Ferrovanadium is mostly used in the steel industry as a strengthening alloy for the production of High Strength Steel and tool steels. Pig iron is mainly used in the foundry industry.
Vanadium steel is extremely strong and light, therefore it is used especially in the construction industry, aeroplane structures and tools. Vanadium is also used as catalyst in chemical industry. New battery solutions (Vanadium Redox Battery) drive the increasing demand for vanadium.