Construction on the greenfield, open-cut mine is slated to begin next year with production targeted for late 2023
Multicom Resources has been given the go-ahead by the Queensland government for the development of its A$250m ($183.23m) Saint Elmo mine in the Australian state’s North West Minerals Province.
The mine is initially forecast to yield up to 5,000 tonnes per annum (tpa) of vanadium pentoxide. Over a period of time, the mine is expected to have a production of 20,000tpa.
The mine is located nearly 15km east of Julia Creek. It is estimated to have a lifespan of at least 30 years.
Construction on the greenfield, open-cut mine is expected to begin next year, creating 250 jobs. Its expansion in the future will create an additional 100 operational and 150 construction roles.
First production from the Saint Elmo vanadium mine is likely to be achieved in late 2023.
Queensland Premier Annastacia Palaszczuk said: “Vanadium is a new economy mineral that will fuel Queensland’s future as a global resources supplier for decades to come.
“Vanadium is an important ingredient in the manufacture of specialty steel and will be used in large-scale renewable batteries around the world because it can be charged thousands of times without degrading.
“This project, and these jobs, are a milestone in a journey that began seven years ago with the Queensland Government’s North West Minerals Province Taskforce.”
Palaszczuk added that the Saint Elmo mine also provides the base for a new industry in the state for manufacturing vanadium redox flow batteries.
Saint Elmo’s approval follows the prescribed project designation granted by the Queensland government in February 2020. The prescribed project status is said to have enabled the state’s Coordinator-General to streamline its approvals and expedite its delivery.
Multicom Resources, which fully owns the vanadium mine, will process the ore onsite and ship the product globally from the Port of Townsville.