Banksia Minerals gets $5m for critical energy mineral processing

The Australian Renewable Energy Agency (ARENA) has announced it has awarded $5 million in funding to Queensland startup Banksia Minerals to support its copper production pilot project, which aims to help strengthen Australia’s critical minerals capability and accelerate the nation’s clean energy transition.

Banksia’s electrochemical technology enables the efficient processing of low-grade copper resources that are typically uneconomic with conventional methods, while reducing energy use and emissions.

The funding, provided through ARENA’s Advancing Renewables Program (ARP) and delivered in two stages over three years, will help de-risk Banksia Minerals’ pilot plant development and support the project’s progression from laboratory prototype to field demonstration.

ARENA CEO Darren Miller said supporting innovative Australian startups is key 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 whilst supply remains constrained,” he 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.

“By backing early-stage and first-of-a-kind projects like this, ARENA is helping Australian companies de-risk new technologies, attract private investment and scale faster.”

Banksia Minerals Managing Director Leigh Staines said initiatives like the ARP are key to supporting the bridge between new 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,” she 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.”

The Advancing Renewables Program is ARENA’s flagship, always-open funding initiative supporting a broad spectrum of renewable energy projects, from early-stage research and development through to demonstration and pre-commercial deployment. The ARP is continuously open for applications that align with ARENA’s strategic priorities.

For more information about the Advancing Renewables Program, visit the ARENA funding page.

Image credit: iStock.com/William Luque