Allens has advised Rio Tinto on its acquisition of the Platina Scandium Project, a high-grade scandium resource in NSW, from Platina Resources Limited.
The investment is Rio Tinto's first in scandium in Australia, a critical mineral considered essential to low-carbon transition thanks to its ability to strengthen and improve the mechanical properties of aluminium, which is critical to the aerospace, electric vehicle and other industries. It is also used to improve the performance of solid oxide fuel cells used as a green power source.
The Platina project, located near Condobolin, could produce up to 40 tonnes of high-grade scandium oxide each year for an estimated period of 30 years.
'We are delighted to have worked with Rio Tinto on this exciting acquisition, which contributes to its strategic expansion in materials essential for the low-carbon transition,' said lead Partner Igor Bogdanich.
'The race for future minerals continues to be a defining force in global economies as the energy transition accelerates. As a firm, it's our privilege to work alongside industry leaders like Rio Tinto as they reshape the critical minerals landscape.'
