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Australian Mines (ASX:AUZ) - Managing Director, Benjamin Bell
Managing Director, Benjamin Bell
Source: Master Investor
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  • Australian Mines (AUZ) has partnered with Deakin University to develop next-generation aluminium alloys containing scandium
  • The nine-month research project will use machine learning and Deakin’s expertise to optimise alloys incorporating scandium from Australian Mines’ Sconi Project
  • The company’s research and development subsidiary, AML Advanced Materials, will provide $56,000 in funding for the project, supported by a $50,000 government grant
  • All intellectual property from the research project will remain the property of Australian Mines
  • Shares last traded for 1.5 cents

Australian Mines (AUZ) has partnered with Deakin University to develop next-generation aluminium alloys containing scandium.

The scandium incorporated in the alloys will be sourced from Australian Mines’ Sconi Project, under development, located in Queensland.

The nine-month ‘Optimising of Scandium Containing Aluminium Alloys Project’ will use machine learning and Deakin’s expertise to optimise alloys.

Australian Mines Managing Director Benjamin Bell said the partnership aligns with the company’s strategy to maximise the value of Sconi’s output.

“Scandium has been known to provide significant benefits when added to aluminium but restricted access to a stable, reliable supply has limited its adoption in industrial applications,” Benjamin stated.

“Australian Mines has an ability to supply high purity scandium oxide when Sconi, at full production, will be a long term, globally significant supplier of high purity scandium as well as battery ready materials to the electric vehicle and energy storage industries,” he said.

“The Australian and U.S. Governments, as well as the European Union, recently classified scandium as a critical commodity. Supplying this commodity for use in the energy industry would enhance the existing and robust projected financial profile of the company’s Sconi Project,” the Managing Director added.

Australian Mines’ research and development subsidiary, AML Advanced Materials, will provide $56,000 in funding for the project, supported by a $50,000 federal government Innovation Connections grant.

All intellectual property from the research project will remain the property of Australian Mines.

Shares last traded for 1.5 cents.

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