University of Queensland spin-out Banksia Minerals Processing has secured seed funding to scale-up a breakthrough copper recovery technology.
The funding comes in the form of a $1.05 million package from IP Group and the Federal Government’s Resources and Critical Minerals Trailblazer commercialisation hub.
Banksia’s process uses ultra-low chemical and energy inputs to enable economic copper recovery regardless of grade or impurities.
The electrochemical process aims to slash costs and unlock millions of tonnes of copper to tap overlooked low-grade resources.
According to Banksia, these reserves make up more than 50 per cent of the total copper remaining worldwide but are uneconomical with conventional smelting and heap leaching.
Former Rio Tinto executive and green metals proponent Leigh Staines is spearheading the project as Banksia’s managing director.
“We’re looking forward to revolutionising Australia and world copper production with a transformative technology, a world-class team and highly supportive investors,” Staines said.
“As high-quality copper ores deplete, miners face mounting challenges in maintaining production from lower-grade, deeper, and more complex deposits.
“The industry simply cannot keep up with new demand coming from the energy transition without advances in technology like ours.”
The new technology was developed by University of Queensland Associate Professor James Vaughan and his research team.
“It’s exciting to have this opportunity to deploy a new copper process technology and create positive change,” Vaughan said.
Banksia is also promising zero-carbon copper production on-site to will support diversified supply chains and provide opportunities for high-value local manufacturing in Australia.
“In addition to being an exciting opportunity for the copper sector, this project is a testament to the world class ingenuity and innovation coming from Australia’s university system,” Staines said.
