Mining Brief

Industrial Mineral Fluorspar Seeing Steady Gains While Quickly Rising in Demand

FinancialNewsMedia.com News Commentary

PALM BEACH, FL, Oct. 28, 2020 /PRNewswire/ -- Fluorspar is an industrial mineral used in the manufacture of fluorochemicals, aluminum and steel. The term "fluorspar" refers to crude or beneficiated material that is mined and/or milled for the mineral fluorite (calcium fluoride). Fluorite has a wide variety of uses. The primary uses are in the metallurgical, ceramics, and chemical industries; however, optical, lapidary, and other uses are also important. Fluorspar has been widely used in steelmaking as a flux since the introduction of basic open-hearth furnace technology in the late 19th century, and in basic oxygen and electric arc furnaces today. According to a ResearchAndMarkets report, the fluorspar market is expected to grow at a CAGR of over 5% from 2020 to 2025. The report added that one of the main factors driving the market is growing demand of fluorspar from fluorspar extracted chemicals. By application, growing demand of fluorspar from the chemical industry is expected to dominate the market over the forecast period. Increasing use of fluorspar made fluoropolymers in lithium batteries is likely to act as an opportunity for the market studied in the coming years. Asia-Pacific region is expected to dominate the market with the largest consumption from countries, such as China and India.Active stocks in the mining markets this week include Ares Strategic Mining Inc. (OTCQB: ARSMF) (TSX-V: ARS), Gold Standard Ventures Corp (NYSE: GSV) (TSX: GSV), NovaGold Resources Inc. (NYSE: NG) (TSX: NG), Silvercorp Metals Inc. (NYSE: SVM) (TSX: SVM), Newmont Corporation (NYSE: NEM) (TSX: NGT).

Another report from GM Insights said: "Fluorspar Market Size was estimated over USD $2 Billion in 2016 and will exhibit growth by a CAGR of over 4% up to 2024.  The global fluorspar market will witness steady gains during the forecast period owing to the products usage as a raw material in the production of hydrofluoric acid, which is a precursor to almost all fluorine compounds. Fluorspar usage in the production of steel and aluminum will also be a major factor behind its market growth. The product, also commonly known as fluorite, is the mineral form of calcium fluoride. Rising fluorochemicals demand from a range of end-user industries along with increasing production of aluminum and steel will propel the global fluorspar market growth during the forecast period."