Rio Tinto, Canada to advance domestic scandium production

Rio Tinto (ASX: RIO) and Canada Growth Fund (CGF) have announced a transaction to advance the Canadian production of scandium oxide in Sorel-Tracy, Québec at the facility under construction at Rio Tinto’s Critical Minerals and Metallurgical Complex.CGF, a C$15 billion independent investment fund operating at arm’s length from the Government of Canada, will invest approximately C$25 million to support production at North America’s sole facility capable of supplying the material, expanding the facility’s nameplate capacity to nine tonnes per annum and strengthening Canada’s critical minerals supply chain.Rio Tinto’s demonstration plant, which began production in 2022, currently accounts for the entirety of North American scandium supply and is one of the few meaningful sources of supply within the Organisation for Economic Co-operation and Development.Scandium is a rare and strategically important metal, essential for high-performance aluminum alloys, solid oxide fuel cells, and a range of new and emerging technologies. It is considered a critical mineral by countries including the United States, Canada, Australia, and the European Union.Its significance lies in its role as an enabling element, enhancing the performance of materials and technologies beyond conventional limits. In 2022, Rio Tinto became first North American producer of scandium oxide. In September, the US Defense Logistics Agency said it is seeking to buy scandium oxide worth up to $40 million over the next five years from Rio to secure supplies of the critical material for addition to the national stockpile.Rio Tinto said it has pioneered a breakthrough process to extract and produce high-purity scandium directly from the waste streams of titanium dioxide production at its Rio Tinto Iron and Titanium — Québec operations, eliminating the need for additional mining and minimizing environmental impact.Scandium’s strategic importance will continue to grow as global industries advance toward electrification, carbon neutrality, and the utilization of high-performance materials, Rio said.The global market for scandium remains small, with China producing most refined scandium globally. “Rio Tinto is pleased to partner with CGF and the Government of Canada to expand our Canadian production of scandium oxide, a high-performance material used for advanced manufacturing and energy generation,” Rio Tinto Iron and Titanium and Diamonds managing mirector Sophie Bergeron said in the statement. “This project leverages an innovative process developed in Canada by our scientists, fully supplied from our domestic mining and metallurgical assets to provide a secure, North American supply of this critical mineral,” Bergeron said. “With its unique investment mandate, CGF invests into innovative transaction structures that directly support projects of strategic priorities,” Canada Growth Fund Investment Management CEO Yannick Beaudoin added. “This transaction, completed alongside an established operating partner, enables us to unlock new models for risk-sharing and value creation that advance Canada’s supply chain resilience strategy.”Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com