UQ Start-Up Banksia Minerals Processing to Unlock New Copper Resources

The University of Queensland (UQ) has developed a new copper extraction technology that aims to unlock previously inaccessible low-quality resources in a more energy-efficient and environmentally friendly way. This innovation has been commercialized through start-up company Banksia Minerals Processing (BMP).

Associate Professor James Vaughan, Head of UQ's Hydrometallurgy Research Group, emphasized the importance of copper in the clean energy transition, noting that demand is expected to surpass supply. The new process seeks to make up to 75% of the world's known copper resources commercially viable.

The creation of Banksia was facilitated by UQ’s commercialisation company UniQuest, with backing from venture capital firm IP Group and funding from the federal government's Resources Technology and Critical Minerals Trailblazer program. The investment will support the technology’s first development phase, including operational optimization and engineering design.

Banksia Managing Director Leigh Staines highlighted that the new refining process reduces carbon emissions in copper production and supports cost-efficient local manufacturing. IP Group Investment Manager Shane Meaney described the project as a globally valuable solution for improving access to copper reserves.

UniQuest CEO Dr. Dean Moss underscored the significance of maintaining copper supply for electrification, given its essential role in cables, electric vehicles, and electronic goods. The start-up's development will be further supported by Brisbane-based engineering company Promech, led by UQ honorary fellow Dr. Michael Wallis.