Rio Tinto acquires high-grade scandium project in Australia

(Posted on 28/04/23)

Rio Tinto has entered into a binding agreement to acquire the Platina Scandium Project, a high-grade scandium resource in New South Wales, from Platina Resources Limited (ASX: PGM) for $14 million.

The project, near Condobolin in central New South Wales, comprises a long life, high-grade scalable resource that could produce up to 40 tonnes per annum of scandium oxide, for an estimated period of 30 years.

Rio Tinto currently produces scandium oxide from titanium dioxide production waste streams at Sorel-Tracy in Quebec. Once operational, the Platina Scandium Project would enable Rio Tinto to more than double its annual scandium production.

This acquisition aligns with Rio Tinto’s strategic goal to grow in materials essential for the low-carbon transition.

Scandium is a rare, versatile and useful mineral for the green economy and energy transition. It is considered a critical mineral by the United States, Canada, Australia and many other countries.

Scandium is one of the most effective elements able to strengthen aluminium, while also offering improved flexibility and resistance to heat and corrosion. As a result, it is used to produce high-performance aluminium alloys for applications that need to be light, strong and heat resistant, including in aerospace, automotive, heat exchangers, sporting goods, 3D printing and energy transmission applications.

Scandium oxide is also used to improve the performance of solid oxide fuel cells used as a green power source for buildings, medical facilities and data processing centres, as well as in niche products such as lasers and lighting.

Rio Tinto Minerals Chief Executive Sinead Kaufman said “This acquisition supports our commitment to critical minerals and finding better ways to provide materials the world needs.

“It will enable us to further develop and grow with the global scandium market, complementing our existing scandium production in Quebec, where we have the expertise, technology and capacity to produce pure, highly reliable scandium through sustainable methods.”

Latest News

Rio Tinto reaches four billion tonnes of iron ore shipped to China

Rio Tinto has celebrates the shipment of four billion tonnes of iron ore from the Pilbara in Western... Read more

Africa’s opportunity to build sustainable logistics networks across mining sector

Capt. Pappu Sastry, CEO of Adhira Shipping and Logistics (ASL) has said that Africa’s mining sector... Read more

Conditions on Simandou iron ore investment now satisfied

All conditions have now been satisfied for Rio Tinto’s investment to develop the Simandou high... Read more

ADM offers segregated, traceable soybean meal to European customers

ADM, a global leader in innovative solutions from nature, has announced that it is offering fully verified... Read more

Rio Tinto to install carbon free aluminium smelting cells

Rio Tinto will install carbon free aluminium smelting cells at its Arvida smelter in Québec,... Read more

Moonbound appoints ASL for long-term South African lithium logistics project

Moonbound Mining Ltd. has appointed Adhira Shipping and Logistics (ASL) as its logistics contractor... Read more

ADM and Bayer collaboration help farmers achieve lower carbon emissions

 ADM and Bayer have announced an extension of their collaboration, working with farmers in a bid... Read more

US House appropriations bill includes reinstatement of NASS reports

A House appropriations subcommittee in the USA has approved its Fiscal Year 2025 bill that includes... Read more

Rio Tinto to acquire Mitsubishi’s stake in Boyne aluminium smelter

Rio Tinto has agreed to acquire Mitsubishi Corporation’s 11.65% interest in Boyne Smelters Ltd... Read more

Richards Bay Minerals’ renewable energy agreement

Richards Bay Minerals (RBM) has signed a renewable power purchase agreement (PPA) with Khangela Emoyeni... Read more