Cameron Dick
A proposed $470 million Saint Elmo vanadium mine is a step nearer for North West Queensland after being declared a prescribed project.
Vanadium is used for energy story batteries, often attached to power plants and electrical grids as the batteries are bulky but can be charged thousands of times without losing capacity, while holding large amounts of energy.
The Multicom Resources project 25km east of Julia Creek could deliver 200 construction jobs, 150 operational jobs and is expected to have a 30-year life span, state development minister Cameron Dick says.
“The proponent will mine and process vanadium for use in the growth market of vanadium batteries and new technologies within the renewable energy sector, and in high-strength steel production,” he says.
Dick expects about 10,000 tonnes to initially be mined annually with production expanded to 20,000 tonnes.
Multicom Resources chief executive Shaun McCarthy welcomes the latest move.
“Gaining the required permits and approvals in a timely and efficient manner is a critical aspect of our development plans.”
The project could start in late 2020 with the first vanadium exports beginning in 2021.
