Platina Scandium Project : Rio Tinto to acquire scandium resource in NSW from Platina Resources
Rio Tinto has agreed to acquire the Platina Scandium Project in New South Wales (NSW), Australia from Platina Resources Limited for $14 million.
The high-grade scandium resource is located near Condobolin in central New South Wales.
The Platina Scandium Project includes an extremely high-quality, long-life scaled resource that can produce up to 40 tonnes per year of scandium oxide over an estimated time period of 30 years.
Presently, Rio Tinto produces scandium oxide from titanium dioxide manufacturing waste streams from Sorel-Tracy situated in Quebec, Canada.
When operational, the Platina Scandium Project will help Rio Tinto to more than double its annual production of scandium.
The acquisition is in line with Rio Tinto’s strategy to increase its production of essential materials for the transition to a low-carbon economy.
Rio Tinto to acquire Platina Scandium Project in New South Wales from Platina Resources. Photo courtesy of Rio Tinto.
Sinead Kaufman — Rio Tinto Minerals Chief Executive 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.”
Scandium is a rare and versatile, and valuable mineral for green economies and the energy transition. It is regarded as a vital mineral by the US, Australia, Canada, as well as many other countries.
Scandium is among the most powerful elements to reinforce aluminum as well as provide better ability to bend and resist corrosion and heat. It is used to create high-performance aluminum alloys for use in areas that require them to be light, robust, and heat resistant, which includes automotive, aerospace sports goods, heat exchangers, 3D printing, as well as energy transmission, said Rio Tinto.
Scandium oxide can also be used to enhance the performance of fuel cells with solid oxide that are used as green power sources for medical facilities, buildings, and data processing centers, and also in niche applications such as lighting and lasers.