September 27, 2022
Others
Participating in vanadium exploration project in Australia
Idemitsu Kosan Co.,Ltd. (Headquarters: Chiyoda-ku, Tokyo, President and CEO: Shunichi Kito, hereinafter referred to as the "Company") will participate in the "Lindfield Project", a vanadium exploration project in Australia. In order to participate in this project, we today acquired a 32.22% IPO stake in Critical Minerals Group (CMG), which owns a vanadium exploration area in Queensland, Australia. The investment will be made in Idemitsu Minerals Australia Pty Ltd, a newly established subsidiary of Idemitsu Australia Pty Ltd (Headquarters: Brisbane) with the aim of promoting critical mineral mining business. 100% owned by Idemitsu Australia).
Australia is rich in mineral Resources and contains many critical minerals including vanadium. Our company has been considering entering the critical mineral mining business, which has an affinity with coal mine operations, by leveraging the business foundation we have cultivated over approximately 40 years of operating coal mines in Australia. This participation in the Lindfield Project is the first step in this direction.
The Australian government is promoting energy transition toward decarbonization and is promoting the introduction of renewable energy such as solar power generation and wind power generation, but stabilizing the power system is an issue in expanding the introduction. . Large-capacity electricity storage technology is attracting attention as a technology that can help solve this problem, and vanadium redox flow batteries *1 (hereinafter referred to as "VRFB"), which use vanadium as an electrolyte, are one such technology. Going forward, together with CMG, we will proceed with an exploration and technology concept study to examine the commercialization potential of vanadium production for use in VRFB.
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- 【project overview】
1. Project name: - lindfield project
- 2. Estimated Resources:
- Vanadium pentoxide (V2O5)/High purity alumina (HPA) *2
- 3. place:
- Julia Creek, Queensland (650km west of Townsville)
- 【project overview】
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Image of project location
Going forward, we will continue to build knowledge and networks in the critical mineral mining business, proactively respond to Australia's energy transition, and work to create low-carbon and decarbonized businesses.
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redox flow battery
A storage battery that charges and discharges using the redox reaction of vanadium and other ions. While other storage batteries charge and discharge through chemical changes in the electrodes, charging and discharging occurs through chemical changes in the electrolyte (oxidation-reduction reactions). It has a long life with almost no deterioration of the electrodes or electrolyte, and is highly safe because it does not use flammable materials and can be operated at room temperature, making it suitable for power system storage batteries. -
High purity alumina (HPA)
It is widely used for light emitting diodes, single crystal materials such as sapphire for watch windows, high-strength ceramic tools, and abrasive materials for magnetic tapes. In recent years, demand has increased in fields where high growth is expected, such as energy, automobiles, semiconductors, and computers.
- 【reference】
CMG company overview -
- Name: Critical Minerals Group
- Address: Level 7, 50 Cavill Avenue, Surfers Paradise, QLD 4217, Australia
- Representative: Scott Drelincourt
- Business content: Exploration of mineral Resources such as vanadium, gold, copper, etc.
- URL: https://www.criticalmineralsgroup.com.au/
Regarding news release
contact information
Idemitsu Kosan Co.,Ltd. Public Relations Department Public Relations Division