University 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 Government’s Resources and Critical Minerals Trailblazer commercialisation hub to scale-up its breakthrough copper production technology.
Banksia’s electrochemical process aims to slash costs and unlock millions of tonnes of copper to tap overlooked low-grade resources. These reserves make up more than 50% of the total copper remaining worldwide but are uneconomical with conventional smelting and heap leaching, the company claims.
Managing Director at Banksia, Leigh Staines, a former Rio Tinto Executive, says the copper industry is heavily concentrated with more than 50% of production occurring in China.
“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. “Copper is vital to the clean energy transition. Surging demand is set to outstrip supply as early as this year, with the imbalance to last through to 2050.
“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.”
Investment Manager at IP Group Australia and Director of Banksia, Shane Meaney, said: “We need more copper to electrify and decarbonise the global economy. Miners around the globe are urgently seeking solutions to unlock their reserves. Leveraging Australia’s unmatched critical minerals expertise, Banksia holds tremendous potential to supercharge the energy transition, which is why we’re so excited to be an investor.”
Banksia’s process uses ultra-low chemical and energy inputs to enable economic copper recovery regardless of grade or impurities and was developed by Associate Professor, James Vaughan, and his research team at UQ.
Vaughan, from UQ’s School of Chemical Engineering, said: “It’s exciting to have this opportunity to deploy a new copper process technology and create positive change.”
Staines added: “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.”
Beyond enabling massive new reserves that others can’t process, Banksia promises zero-carbon copper production on-site. This will support diversified supply chains and provide opportunities for high-value local manufacturing in Australia.