Rio Tinto to Buy Australian Scandium Project for $14 Million
April 27 2023 - 7:33PM
Dow Jones News
By Rhiannon Hoyle
Rio Tinto PLC said it has agreed to buy a scandium project in
Australia's New South Wales state for $14 million, an acquisition
that could more than double the miner's annual production of the
critical mineral.
The world's second-biggest miner by market value said it has
signed a binding agreement with Platina Resources Ltd. to acquire
the Platina Scandium Project, which it said is a long life,
high-grade deposit that could produce up to 40 metric tons of
scandium oxide annually for roughly three decades.
Scandium is used to strengthen aluminum, and to improve the
performance of fuel cells, and is considered a critical mineral in
a number of countries. Rio Tinto, which currently produces scandium
oxide from titanium-dioxide production waste at operations in
Quebec, said the deal "aligns with Rio Tinto's strategic goal to
grow in materials essential for the low-carbon transition."
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
April 27, 2023 20:18 ET (00:18 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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