PERTH (miningweekly.com) – Diversified miner Rio Tinto has struck a $14-million deal with ASX-listed Platina Resources to acquire its Platina scandium project, in New South Wales. The project comprises a long-life, high-grade scalable resource that could produce up to 40 t/y of scandium oxide, for an estimated period of 30 years.
Rio currently produces scandium oxide from titanium dioxide production waste streams at Sorel-Tracy in Quebec. Once operational, the Platina scandium project will enable Rio Tinto to more than double its yearly scandium production.
Rio told shareholders on Friday that the acquisition aligns with the company’s strategic goal to grow in materials essential for the low-carbon transition. “This acquisition supports our commitment to critical minerals and finding better ways to provide materials the world needs,” Rio Minerals CEO Sinead Kaufman said.
“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.”
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