A University of Queensland spin-out, Banksia Minerals Processing, has secured $1.05 million in seed funding to scale up its groundbreaking copper production technology.
The funding, provided by IP Group and the Australian government’s Resources and Critical Minerals Trailblazer commercialisation hub, aims to revolutionise the copper industry and address the growing demand for this critical metal.
Banksia’s innovative electrochemical process promises to slash costs and unlock millions of tonnes of copper from previously overlooked low-grade resources.
These reserves, which make up more than 50 per cent of the total copper remaining worldwide, have been uneconomical to extract using conventional smelting and heap-leaching methods.
Leigh Staines, Managing Director of Banksia and former Rio Tinto executive, highlighted the urgency of this technological breakthrough, stating: “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.”
Staines emphasised that the industry faces mounting challenges in maintaining production from lower-grade, deeper, and more complex deposits as high-quality copper ores deplete.
The technology, developed by Associate Professor James Vaughan and his research team at the University of Queensland, uses ultra-low chemical and energy inputs to enable economic copper recovery regardless of grade or impurities.
This process not only promises to unlock massive new reserves but also aims to achieve zero-carbon copper production on-site.
Shane Meaney, Investment Manager at IP Group Australia and Director of Banksia, expressed enthusiasm for the project, stating: “We need more copper to electrify and decarbonise the global economy.
“Miners around the globe are urgently seeking solutions to unlock their reserves.”
With more than 50 per cent of current copper production concentrated in China, Banksia’s technology could play a crucial role in diversifying supply chains and providing opportunities for high-value local manufacturing in Australia.
As the world transitions to cleaner energy sources and increased electrification, the demand for copper continues to rise.
Banksia’s innovative approach not only addresses the supply challenges but also aligns with global sustainability goals by offering a more environmentally friendly extraction process.
The success of this project underscores the importance of collaboration between universities, industry, and government in driving innovation and commercialisation in critical sectors.
As Staines noted: “This project is a testament to the world-class ingenuity and innovation coming from Australia’s university system.”
With this significant funding boost, Banksia Minerals Processing is poised to make a substantial impact on the global copper industry, potentially reshaping the landscape of critical mineral production and contributing to a more sustainable future.
