In an enlightening interview on Investor.News, Brent Willis, President, CEO, and Director of Voyageur Pharmaceuticals Ltd. (TSXV: VM), discussed the indispensable role of barium, specifically barite (barium sulfate), in today's economy. Highlighting its critical status, Willis explained, "Barite's number one use is for oil field drilling...it's got a specific gravity of 4.4 and when you're drilling a well, you're adding barite to overcome the pressure so you can continue to drill deeper." He also emphasized barite's vital role in the medical field, particularly in radiology, where pharmaceutical-grade barite is scarce and highly valued. "There's not enough pharmaceutical grade in the world...it's actually what's used in the radiology industry is synthetic...it's called the barium precipitate, and it's very expensive."
Willis provided insights into the reasons behind barite's designation as a critical mineral by authoritative bodies such as the U.S. Geological Survey and the European Union, attributing it to the lack of domestic production and the heavy reliance on imports, mainly from China and India. He noted, "The United States, I think imports well over 80% of their barium needs." This dependency underscores the strategic importance of barite in maintaining the operational integrity of key industries across the globe.
The conversation also touched on the different listings of barite and barium as critical minerals in various regions, with Willis explaining the cultural variations in its classification. "It's very critical in all these countries and it's hitting their critical mineral list because of the dependence these economies need to import these products," Willis stated. His extensive experience with barite, particularly at Voyageur's Frances Creek project, further underscores the mineral's significant economic potential, where high-grade deposits are leveraged for substantial profitability in the pharmaceutical sector.
