A breakthrough electrochemical technology that enables the efficient processing of low-grade copper resources has secured $5 million in Federal Government backing.
Queensland startup Banksia Minerals will receive the funding to support its copper production pilot project, aimed at strengthening Australia’s critical minerals capability and accelerating the nation’s clean energy transition.
Banksia’s processing technology targets low-grade copper resources that are typically uneconomic using conventional methods, while also reducing energy use and emissions.
The funding, provided through the Australian Renewable Energy Agency’s (ARENA) Advancing Renewables Program (ARP), will be delivered in two stages over three years. It is intended to help de-risk Banksia Minerals’ pilot plant development and progress the project from laboratory prototype to field demonstration.
Banksia Minerals managing director Leigh Staines said initiatives such as the ARP are vital in bridging the gap between early-stage technology development and industry application.
“Coming from industry, I appreciate it is challenging to invest time and resources into early-stage innovation when the focus is on day-to-day operations and delivery,” Staines said.
“Yet we know that step-change solutions will only be delivered through the development of breakthrough research that can address the supply chain challenges faced by the resources sector and its ultimate customer base – all of us.”
ARENA chief executive officer Darren Miller said supporting innovative Australian startups is central to delivering new industries, jobs and solutions as the energy system transforms.
“The rapid growth in global electrification and renewable energy deployment has seen copper demand grow to unprecedented levels, while supply remains constrained,” Miller said.
“Innovative solutions like Banksia’s help meet that growing demand by unlocking low-grade resources, strengthening domestic supply chains and supporting a cleaner, more resilient energy future.”
Banksia gained industry attention at last year’s Copper to the World conference, where it took first prize in the smart copper processing category for its chloride-based electrochemical processing of concentrates.
The company was founded in 2024 to further develop and commercialise technology originally developed at the University of Queensland by associate professor James Vaughan. Staines previously spent five years in strategy and operations roles at Rio Tinto and has extensive experience in the minerals and resources sectors.
Banksia’s creation was facilitated by UQ’s commercialisation company UniQuest, with investor backing from venture capital firm IP Group and grant funding through the Federal Government’s Resources Technology and Critical Minerals Trailblazer program.
