In 2022, Rio Tinto became one of the world’s few scandium producers when it produced its first batch of the critical mineral at Sorel-Tracy in Canada. Now the company is chasing scandium in Australia.
The major miner has acquired the Platina scandium project in NSW from Platina Resources for $14 million, which it said could produce up to 40 tonnes of scandium oxide per annum over a 30-year mine life.
Scandium is listed as a critical mineral in Australia, the US and Canada, among other countries. It is seen as one of the most effective elements to strengthen aluminium and can offer resistance to heat and corrosion.
Scandium is used in applications that require light, strong and heat resistant aluminium alloys, including in energy transmission, aerospace, automotive and heat exchangers.
The critical mineral can also improve the performance of solid oxide fuel cells used in green power for buildings, medical facilities and data processing centres.
“This acquisition supports our commitment to critical minerals and finding better ways to provide materials the world needs,” Rio Tinto Minerals chief executive Sinead Kaufman said.
“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.”
Rio Tinto has not been shy about its desire to increase its exposure to critical minerals. This has driven recent acquisitions of the Rincon lithium project in Argentina as well as taking full ownership of the Oyu Tolgoi copper project in Mongolia which it previously shared with Turquoise Hill Resources.
The company aims to complete its acquisition of the Platina project in the first half of 2023.
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