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Brisbane gets another entrant to burgeoning battery sector

Business

Another vanadium company is heading towards an ASX listing adding to Queensland’s growing role in the battery sector.

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Critical Minerals Group is expected to list next month after raising $5 million from investors in a 20 cent per share initial public offering.

It has a vanadium project near Julia Creek where the St Elmo mine is being developed by Multicom and also where QEM has its project.

The State Government has also backed the emerging industry through its $10 million funding of a multi-user processing facility in Townsville.

Brisbane based Vecco Group, which also has a vanadium project in the Julia Creek area, is building a $25 million battery manufacturing plant in Brisbane.

Brisbane is also the base for Tritium, a Nasdaq listed company that creates fast charging technology for electric vehicles while battery materials company, Novonix is nominally headquartered in the city but is largely operated out of north America.

Lithium also has a growing presence in the city through Allkem and Li-S Energy while Controlled Thermal Resources recently signed a 25,000 tonnes a year deal for the supply of lithium from its Hell’s Kitchen project in California’s Imperial County.

Brisbane’s Sayona Mining also has a growing presence in the sector through its projects in Quebec. It announced today that it had discovered multiple new minerlised lithium pegmatites in its drilling of the Moblan project.

The funds raised by Critical Minerals will be used to do maiden drilling at its Linfield project, which has an inferred resource of about 210 million tonnes at 0.39 per cent vanadium pentoxide.

The company anticipates a market capitalisation of about $8 million.

 

 

 

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