The Queensland Government has announced that it will build a new vanadium processing facility in Townsville as it works with smaller miners to bring the key battery mineral to market.
The common-user processing plant will be funded via the government’s $520 million Invested in Queensland program, with at least $10 million earmarked for the facility.
“We want regional Queensland to be a global leader when it comes to everything that’s part of the renewable energy revolution”
Speaking on the initiative, Queensland Treasurer and Minister for Trade and Investment Cameron Dick said: “We want regional Queensland to be a global leader when it comes to everything that’s part of the renewable energy revolution. This is an important step in attracting further investor interest and future off-take agreements.”
Vanadium is a key material in large-scale grid batteries due to its ability to store energy in liquid form. This allows redox batteries to be built at a larger scale, offering benefits for remote projects and communities.
Australia sits on the world’s third-largest known volume of vanadium deposits, but has yet to break through as a serious producer of battery-grade material include vanadium pentoxide and electrolytes.
Northwest Queensland hosts a number of key vanadium projects including Multicom Resources’ $250 million Saint Elmo mine along with Critical Minerals’ Lindfield project, both near Julia Creek.
Work is underway on site selection in Townsville, with the government expected to go to market early in 2022 for detailed engineering assessments and costings.
Construction of the facility is expected to begin in 2022, with commercial operations due to commence in 2023.