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Australian Mines collaborates with Indian firm on scandium

Details may be sketchy but investors were showing they certainly liked the vibe of Australian Mines’ strategy to collaborate on the “next generation” of battery storage technology involving scandium with an R&D centre in India.
Australian Mines collaborates with Indian firm on scandium Australian Mines collaborates with Indian firm on scandium Australian Mines collaborates with Indian firm on scandium Australian Mines collaborates with Indian firm on scandium Australian Mines collaborates with Indian firm on scandium

Michael Quinn

Shares in the company spiked more than 25% on news of the collaboration and Australian Mines' claim the venture was confirming it as a "leader in scandium research".

The collaboration is with the Centre of Excellence in Advanced Materials and Green Technologies, "a cutting-edge research facility operated jointly by Amrita Centre for Research and Development and Amrita Vishwa Vidyapeetham - being a broader multidisciplinary institution, which has emerged as one of the fastest growing institutions of higher learning in India".

Australian Mines claims scandium-magnesium alloys are being considered as a high-performance alternative for the next generation of nickel metal hydride batteries.

"Under the research agreement, Australian Mines will retain all intellectual property rights generated through the collaboration, regardless of where and by whom the relevant IP is created," the ASX-listed company said.

Australian Mines' interest stems from its ownership of currently-in-feasibility Sconi cobalt-nickel project in Queensland - that also contains scandium.

Sconi is at the financing stage, with the bankable feasibility work due in the second quarter next years.

Australian Mines had cash at the start of the current quarter of $7.8 million.

Shares in Australian Mines (ASX: AUZ) were up 23% to A4.8c in midday trade, capitalising the company at $133 million.