Trinidad and Tobago is set to become a major player in the global vanadium market, with a refurbished Point Lisas facility aiming to supply half of US consumption of the strategic metal, which is critical to the aerospace, defence and nuclear energy sectors.
Speaking at Monday’s ribbon-cutting ceremony, Pinnacle Steel and Vanadium Company CEO Edwin Bennett announced the refurbishment and recommissioning of the former Point Lisas steel facility, which ArcelorMittal closed in 2016. The plant, renamed the Ibis Steel Company of Trinidad and Tobago Limited, will operate as a subsidiary of the US-based corporation.
“Our vision is to produce the equivalent of 50% of American consumption of vanadium. In other words, 100% of the quantity of vanadium that the United States imports.”
Mr Bennett stated that this move aims to reduce dependence on vanadium from major suppliers Russia and China, positioning Trinidad and Tobago as a key producer of the metal globally.
“The vanadium industry is dominated by China and Russia. Greater than 80% of all vanadium is produced in China and Russia. So we look at this as a critical asset for Western critical mineral supply chains, putting Trinidad on the map as a key player in the Western re-industrialisation and Western creation of critical mineral supply chains outside of China.”
With an initial investment of TT$250 million, he noted that the project will not only supply the United States with vanadium but also create thousands of jobs for citizens.
“We’ll create 350 jobs during the restart of the facility. And when we’re in production, 500 full-time jobs. And after an expansion in the future, we plan to spend another $500 million and double the number of jobs, so to 1,000.”
Minister of Works and Infrastructure Jearlean John mentioned a few of the opportunities that will be provided.
“The reality is that a recommissioned plant needs millwrights, technicians, electricians, riggers, welders, crane operators, laboratory and quality staff, safety officers, and logistics and port workers. A data centre needs almost exactly the same.”
Deputy Secretary of State of the United States of America Christopher Landau said he hopes that this initiative will signal the start of stronger collaboration with Trinidad and Tobago moving forward.
“I mean, again, this plant, I think, is a great symbol of the renaissance that we have in our relationship and really the incredible opportunities in the future, not just for Trinidad but really across the entire Caribbean region. I think it’s a region with huge economic opportunities.”
The move follows the signing of three Memoranda of Understanding by Prime Minister Kamla Persad-Bissessar on July 10th, two of which focused on data centres and artificial intelligence, and the third with Pinnacle Steel and Vanadium Corporation.
Mr Bennett said first production is expected to begin by the end of 2027.