A University of Queensland startup has commercialised a new energy efficient and environmentally friendly processing technology that enables copper to be extracted from previously unviable, low-quality resources.
The company, Banksia Minerals Processing, was put together by UQ’s commercialisation company UniQuest, and has backing from the Australian arm of British venture capital outfit IP Group, as well as federal funding through the Resources Technology and Critical Minerals Trailblazer program.
“While much of the world is going wireless, large amounts of copper are still needed to run everything from smartphones to electric vehicles,” said associate professor James Vaughn, the UQ’s School of Chemical Engineering’s Head of the Hydrometallurgy Research Group
“Copper plays a key role in achieving global ambitions towards clean energy transition and electrification, however current supply is forecasted to outstrip demand,” he said.
“Up to three quarters of the world’s known resources of copper are commercially unviable, but our technology seeks to address this.”
Banksia managing director Leigh Staines said the investment from IP Group would support the technology’s first phase of development, including determining its optimum operating parameters when compared with existing copper smelting processes.
“The new copper refining process provides two key benefits relevant to the energy transition by decarbonising copper production and enabling cost-efficient local manufacturing” Ms Staines said.
“In addition to being an exciting opportunity for the copper sector, this project is a celebration of UQ ingenuity and teamwork.”
IP Group Investment Manager Shane Meaney said operators around the world were looking for solutions to accessing copper reserves.
“Improving access to copper production is of value at a global scale, and we’re excited to be a major investor.”
The start-up company’s development will be supported by Promech, a Brisbane-based engineering company, led by UQ’s School of Chemical Engineering honorary fellow Dr Michael Wallis.
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