University of Queensland copper production spin-out digs up $1.05 million Seed raise

A startup hoping to chip away at China’s dominance in copper production with a new low-cost way of extracting it from low-grade resources has raised $1.05 million in a Seed round.

Banksia Minerals Processing (BMP) was spun out of University of Queensland and has been backed by UniQuest, and IP Group, and grant funding from the federal government’s resources and critical minerals Trailblazer commercialisation hub.

Trailblazer is a joint $50 million collaboration between three universities: Curtin, UQ and James Cook to commercialise research in the resources technology and critical minerals sector.

As the shift to renewables increases demand for copper, UQ has developed an electrochemical process that BMP will commercialise as a more energy-efficient and environmentally friendly way to extract copper from previously unviable low-quality resources.

UQ’s School of Chemical Engineering Metallurgy major lead Associate Professor James Vaughan said large amounts of copper are needed to run everything from smartphones to electric vehicles,

“Copper plays a key role in achieving global ambitions towards clean energy transition and electrification, however current supply is forecasted to outstrip demand,” he said.

“Up to three quarters of the world’s known resources of copper are commercially unviable, but our technology seeks to address this.”

Banksia managing director Leigh Staines said the investment from IP Group would support the technology’s first phase of development, including determining its optimum operating parameters, engineering design and efficiency, compared with existing copper smelting processes.

“The new copper refining process provides two key benefits relevant to the energy transition by decarbonising copper production and enabling cost-efficient local manufacturing” she said.

Staines, a former Rio Tinto executive and green metals pioneer, said more than 50% of copper production occurred in China.

“We’re looking forward to revolutionising Australia and world copper production with a transformative technology, a world-class team and highly supportive investors,” she said.

“As high-quality copper ores deplete, miners face mounting challenges in maintaining production from lower-grade, deeper, and more complex deposits.

“The industry simply cannot keep up with new demand coming from the energy transition without advances in technology like ours.”

IP Group investment manager Shane Meaney said operators around the world were looking for solutions to accessing copper reserves.

“Improving access to copper production is of value at a global scale, and we’re excited to be a major investor,” he said.

“Leveraging Australia’s unmatched critical minerals expertise, Banksia holds tremendous potential to supercharge the energy transition.”

The startup’s development will be supported by Promech, a Brisbane-based engineering company, led by UQ’s School of Chemical Engineering honorary fellow Dr Michael Wallis.