Rio Tinto acquires high-grade scandium project in Australia
April 27 2023 - 7:44PM
Business Wire
Rio Tinto has entered into a binding agreement to acquire the
Platina Scandium Project, a high-grade scandium resource in New
South Wales, from Platina Resources Limited (ASX: PGM) for $14
million.
The project, near Condobolin in central New South Wales,
comprises a long life, high-grade scalable resource that could
produce up to 40 tonnes per annum of scandium oxide, for an
estimated period of 30 years.
Rio Tinto currently produces scandium oxide from titanium
dioxide production waste streams at Sorel-Tracy in Quebec. Once
operational, the Platina Scandium Project would enable Rio Tinto to
more than double its annual scandium production.
This acquisition aligns with Rio Tinto’s strategic goal to grow
in materials essential for the low-carbon transition.
Scandium is a rare, versatile and useful mineral for the green
economy and energy transition. It is considered a critical mineral
by the United States, Canada, Australia and many other
countries.
Scandium is one of the most effective elements able to
strengthen aluminium, while also offering improved flexibility and
resistance to heat and corrosion. As a result, it is used to
produce high-performance aluminium alloys for applications that
need to be light, strong and heat resistant, including in
aerospace, automotive, heat exchangers, sporting goods, 3D printing
and energy transmission applications.
Scandium oxide is also used to improve the performance of solid
oxide fuel cells used as a green power source for buildings,
medical facilities and data processing centres, as well as in niche
products such as lasers and lighting.
Rio Tinto Minerals Chief Executive Sinead Kaufman said “This
acquisition supports our commitment to critical minerals and
finding better ways to provide materials the world needs.
“It will enable us to further develop and grow with the global
scandium market, complementing our existing scandium production in
Quebec, where we have the expertise, technology and capacity to
produce pure, highly reliable scandium through sustainable
methods.”
With its world-class aluminium business, Rio Tinto is also well
positioned to produce more high-performance aluminium-scandium
alloys to meet global customers’ needs. To learn more, visit
www.elementnorth21.com.
The transaction is expected to be completed in the first half of
2023.
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