College of Queensland (UQ) spin-out Banksia Minerals Processing has secured A$1.05 million ($668,127) in seed funding from IP Group and the Federal Authorities’s Sources and Essential Minerals Trailblazer commercialisation hub to scale-up its breakthrough copper manufacturing know-how.
Banksia’s electrochemical course of goals to slash prices and unlock tens of millions of tonnes of copper to faucet neglected low-grade assets. These reserves make up greater than 50% of the entire copper remaining worldwide however are uneconomical with standard smelting and heap leaching, the corporate claims.
Managing Director at Banksia, Leigh Staines, a former Rio Tinto Govt, says the copper business is closely concentrated with greater than 50% of manufacturing occurring in China.
“We’re wanting ahead to revolutionising Australia and world copper manufacturing with a transformative know-how, a world-class workforce and extremely supportive traders,” Staines mentioned. “Copper is significant to the clear vitality transition. Surging demand is about to outstrip provide as early as this yr, with the imbalance to final by way of to 2050.
“As high-quality copper ores deplete, miners face mounting challenges in sustaining manufacturing from lower-grade, deeper, and extra advanced deposits. The business merely can’t sustain with new demand coming from the vitality transition with out advances in know-how like ours.”
Funding Supervisor at IP Group Australia and Director of Banksia, Shane Meaney, mentioned: “We’d like extra copper to affect and decarbonise the worldwide financial system. Miners across the globe are urgently looking for options to unlock their reserves. Leveraging Australia’s unmatched important minerals experience, Banksia holds super potential to supercharge the vitality transition, which is why we’re so excited to be an investor.”
Banksia’s course of makes use of ultra-low chemical and vitality inputs to allow financial copper restoration no matter grade or impurities and was developed by Affiliate Professor, James Vaughan, and his analysis workforce at UQ.
Vaughan, from UQ’s Faculty of Chemical Engineering, mentioned: “It’s thrilling to have this chance to deploy a brand new copper course of know-how and create optimistic change.”
Staines added: “Along with being an thrilling alternative for the copper sector, this undertaking is a testomony to the world-class ingenuity and innovation coming from Australia’s college system.”
Past enabling huge new reserves that others can’t course of, Banksia guarantees zero-carbon copper manufacturing on-site. It will assist diversified provide chains and supply alternatives for high-value native manufacturing in Australia.
