A Kazakhstan vanadium project shows strong returns, but shares fell 45% despite its potential.

Ferro-Alloy Resources Ltd's feasibility study for its Balasausqandiq vanadium project in Kazakhstan shows strong economic potential with a $748 million net present value and 22% internal rate of return. The project, requiring $520 million in funding, is projected to produce 8,500 tonnes of vanadium pentoxide and 247,000 tonnes of carbon black substitute annually over 20 years, with cash costs as low as $0.36 per pound when by-product credits are included. Vanadium prices are expected to rise through 2037, and a Phase 2 expansion could quadruple output. The company is seeking financing and exploring new uses for mine waste. Despite the positive outlook, shares dropped 45% in London trading.