The global mining and metal giant 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 for $14 million.
The project, located in central New South Wales close to Condobolin, includes a long-life, high-grade scalable resource that has the potential to produce up to 40 tonnes of scandium oxide annually for a projected 30 years.
Scandium is one of the best elements for strengthening aluminium while improving flexibility and heat and corrosion resistance. As a result, it is employed to make high-performance aluminium alloys for various uses that call for lightweight, robust, and heat-resistant materials, such as 3D printing, aerospace, automotive, heat exchangers, sporting goods, and energy transmission.
At Sorel-Tracy in Quebec, Rio Tinto creates scandium oxide from waste streams from the production of titanium dioxide. Rio Tinto will be able to treble its annual output of scandium once the Platina Scandium Project is up and running.
This acquisition aligns with Rio Tinto’s strategic goal to grow in materials essential for the low-carbon transition.
Scandium is a rare, versatile, valuable mineral for the green economy and energy transition. The United States, Canada, Australia, and many other countries consider it a critical mineral.
Scandium oxide is also utilised in specialised products like lasers and lighting to enhance the performance of solid oxide fuel cells, a type of green energy source for buildings, hospitals, and data centres.
Sinead Kaufman, the Chief Executive of Rio Tinto Minerals, 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."
Rio Tinto is in a great position to produce more high-performance aluminium-scandium alloys to satisfy the demands of clients worldwide because of its world-class aluminium business. The deal is anticipated to close in the first half of 2023.
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