The site of the Saint Elmo vanadium mine in Central Queensland. Image: Multicom Resources
The Queensland Government has recognised the importance of vanadium as a new economy mineral with plans for a processing plant in Townsville.
The mineral is used in large-scale grid batteries called redox flow batteries. These batteries store the charge in liquid form, enabling larger capacities.
Queensland Treasurer and Minister for Trade and Investment Cameron Dick said vanadium would play a significant part in the state’s transition to clean energy.
“We want regional Queensland to be a global leader when it comes to everything that’s part of the renewable energy revolution,” he said.
“Australia has the world’s third largest deposits of vanadium resources, but right now we don’t produce a single kilogram of processed vanadium.
“The mining companies looking to process vanadium at an industrial scale don’t have the capital necessary to make that jump. That’s where our government can step in.”
The government will put at least $10 million towards the common-user facility, sourced from the $520 million Invested in Queensland program.
The Treasurer said it was still in the process of tendering for construction contracts and selecting the location.
“Once producers can see for themselves how processing occurs, they will have the confidence to invest in more manufacturing infrastructure and more jobs,” he said.
“Mining companies will be able to transport ore from their mine site to Townsville, enabling them to begin producing mineral samples at scale.”
Earlier in 2021, the mineral made headlines for Queensland’s mining industry when Multicom Resources announced the go-ahead for the $250 million Saint Elmo vanadium mine, 250 kilometres east of Mount Isa.
This mine and the new Townsville processing facility will ramp up concurrently, as both begin construction in 2022 with first production expected in 2023.
Queensland Minister for Resources Scott Stewart said these developments were only the start of Queensland’s vanadium industry.
“Saint Elmo is just the beginning, with other companies progressing other potential vanadium mines in what could become a world-class vanadium hub in the northwest, so having this processing facility in Townsville will ensure locals reap the benefits,” Stewart said.
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The Western Australian Government has released its mineral and petroleum resources development strategy, prioritising six points including regional areas, exploration and streamlined approvals.
The first strategic priority is to cement the state as a leading global destination for exploration investment.
The report stated this will be achieved through the Government’s Exploration Incentive Scheme (EIS) which has generated $31 million in benefits to the State for every $1 million invested in the scheme.
Minister for Mines and Petroleum Bill Johnston said the Government must tend to several issues to encourage further investment.
“Central to this strategy is promoting our comparative advantages and investment opportunities, catering for current and future skills gaps, facilitating access to infrastructure, and investing in research and development,” Johnston said.
Research and development are discussed in the report’s fourth strategic priority: an evolving industry.
The report acknowledges the industry’s shift towards different commodities and parts of the supply chain, such as precious metals refinery.
The report uses Alcoa and South32’s alumina operations, IGO/Tianqi Lithium’s Kwinana facility, and BHP’s Nickel West battery metal supply as examples of the state’s ability to facilitate future-focussed mining and minerals operations.
“We expect demand for WA’s minerals to continue to grow, driven by the global transition to a low-carbon future and an increasing demand for electric vehicles,” Johnston said.
A major push to effectively regulate the industry was also a feature of the report, with multiple strategic priorities relying on the state doing so.
“The State Government recognises that an efficient and effective regulatory framework is essential for providing industry with the certainty required to make investment decisions, and is committed to support measures to streamline regulation while not compromising on environmental and social standards,” the report stated.
The most recent of the Government’s efforts in this area came in the form of Streamline WA which was launched in 2018 to enable easier business across the state.
The report also gave examples of major operations given the go-ahead in recent years.
“The ability of Western Australia’s regulatory system to allow for the expeditious approval of new mining operations has been demonstrated in recent years through the development of mines including IGO Limited’s Nova nickel-copper-cobalt project and Beacon Minerals Limited’s Jaurdi gold project,” the report stated.
Western Australian Premier Mark McGowan said the opportunities were significant for the State’s resources sector and wider economy.
“The opportunity to continue to grow and diversify our resources sector as a significant contributor to global advancements in the digital age, and the shift to reducing greenhouse gas emissions, are immense, and are expected to continue to provide outstanding economic and social benefits to the community well into the future,” McGowan said.
To read the report and learn more about WA’s resources strategy, click here.
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Mineral Resources has sold its 5.4 per cent stake of Pilbara Minerals in an effort to focus on its hard-rock lithium and iron ore assets.
Mineral Resources has been a shareholder in Pilbara Minerals since October 2016 as part of its offtake rights and a royalty held of the Pilgangoora lithium-tantalum project in Western Australia.
Its 8 per cent stake in Pilbara Minerals at the time was valued at $50 million, with the $328 million divestment representing strong value.
(“Mineral Resources) is delighted with the share price value delivered by Pilbara Minerals’ development of Pilgangoora but believes it is time to redirect this investment into the company’s own growth projects, including in the hard-rock lithium and iron ore sectors,” Mineral Resources stated.
The $328 million divestment was completed through an underwritten accelerated block trade to institutional investors.
Pilbara Minerals share price on the ASX is $2.26 at the time of writing.
The transaction will support Mineral Resources’ $650 million capital expenditure program for the 2021-22 financial year.
Mineral Resources expects costs to increase by 5 to 10 per cent at its Yilgarn Hub in Western Australia, with exports of 10.5 million to 11 million tonnes of iron ore.
This includes the Koolyanobbing iron ore mine and Carina mine, which is currently under care and maintenance.
The company also operates the Utah Point hub, which is expected to ship 10.5 million to 11 million tonnes of iron ore.
Mineral Resources hard-rock lithium projects include the Mt Marion and Wodgina spodumene projects, owning 50 per cent and 40 per cent, respectively.
The company is expecting to ship 450,000 to 475,000 tonnes of spodumene from Mt Marion in the 2022-23 financial year, while Wodgina remains on care and maintenance.
Wodgina is one of the largest hard rock lithium deposits globally, and is operated under a joint venture with Albemarle who owns the remaining 60 per cent interest.
Mineral Resources is also constructing the Kemerton lithium hydrogxide project in Western Australia with Albermarle, owning a 40 per cent interest.
FLSmidth has agreed to purchase thyssenkrupp’s Mining Technologies business (TK Mining) for €325 million ($522.28 million) to create a pit-to-plant technology solution with a sustainable focus.
The deal was highly amenable as both companies had complementary interests in transforming their businesses.
FLSmidth is a Danish company which serves over 60 countries with engineering, equipment and service solutions for minerals, metals, concrete, electronics and more.
FLSmidth chief executive officer Thomas Schulz said the addition of TK Mining’s prowess in mining systems, materials handling and processing would complement his business.
“TK Mining and FLSmidth are a perfect match and I am proud to announce this agreement to join forces,” Schulz said.
“This is a truly transformational deal allowing us to accelerate our growth ambitions in mining by creating a stronger talent pool, and one of the world’s largest and strongest suppliers to the mining industry.”
The deal will welcome 3400 TK Mining employees to FLSmidth, once regulatory requirements are completed within the next 12 months.
As a multinational group of industrial and technology businesses, thyssenkrupp saw the deal not as a loss, but a shedding, to allow it to strengthen other business areas, according to the company’s chief executive officer Martina Merz.
“The successful sale of the mining business shows that we are pressing ahead at full speed with the transformation of thyssenkrupp and achieving important results step by step,” Merz said.
“But we have not yet reached our goal. The principle ‘performance first’ continues to apply. We need to return to positive cash flow as quickly as possible. The sale of Mining Technologies makes an important contribution to this,”
Merz added how FLSmidth was the perfect partner, with similar ideals and goals for TK Mining.
“At the same time, I am pleased that we have found a very good new owner in FLSmidth. FLSmidth presented a convincing business strategy and a clear vision for the mining business,” she said.
“It will give our employees attractive prospects. That was extremely important to us when negotiating the sale.
“The merged new company will be able to drive innovation and digitalisation even faster and will increasingly focus on sustainability and ways to reduce environmental footprint.”
FLSmidth saw the deal as an opportunity to advance its MissionZero targets, which look to eliminate company carbon emissions by 2030.
“TK Mining’s extensive active installed base, together with FLSmidth’s strong existing service setup, will provide additional aftermarket opportunities, while the joint R&D (research and development) capabilities and combined portfolio will enable accelerated innovation in digitalisation and MissionZero solutions,” FLSmidth stated.
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Amid growing concerns over Victoria’s COVID-19 situation, the Federal and State Governments have announced a $525 million joint investment for further infrastructure.
The package will deliver “shovel-ready” infrastructure projects and road safety upgrades across Victoria. A total $320 million investment has been provided by the Federal Government under the package, and the Victorian Government will spend $205.5 million.
The Federal Government recently announced infrastructure joint investments with other states across the country.
“Partnering with State and Territory Governments to invest in more infrastructure projects across Australia is a key part of our JobMaker plan to rebuild our economy and create more jobs,” the Prime Minister Scott Morrison said. “This funding injection means we have brought forward or provided additional funding in excess of $830 million to Victoria in the past eight months.
“This package builds on the fast tracking of $514 million for infrastructure in Victoria which we announced last November, locking in priority upgrades that will bust congestion, increase productivity, improve safety, and boost jobs at a time we need it most.”
Premier Daniel Andrews said the projects will help fortify the state’s construction industry.
“This partnership with the Commonwealth will build the projects regional communities need and help keep our construction industry strong – which is more important than ever right now as we rebuild from the pandemic,” he said.
“This package is on top of our $2.7 billion we’re investing in new projects across the state to get shovels in the ground – and boots in the mud – to kickstart our economy.”
Projects to lift Australia’s economy
The Federal Government has also announced it will fast-track 15 critical infrastructure projects across the country in response to the economic turmoil wreaked by COVID-19.
Projects such as Inland Rail from Melbourne to Brisbane, the Marinus Link between Tasmania and Victoria, the Olympic Dam extension in South Australia, numerous road, rail and iron ore projects in Western Australia, and emergency town water projects in New South Wales and Snowy 2.0 have all been included on the Federal Government’s “priority list”.
The priority projects will form a five-year package worth $1.5 billion.
“Joint assessment teams will work on accelerating these projects worth more than $72 billion in public and private investment,” Morrison said last month. “These are projects that will support over 66,000 direct and indirect jobs.”
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