Australian Mines has acquired 13 acres of freehold land to develop its Sconi cobalt-nickel-scandium project in North Queensland, following the completion of its bankable feasibility study (BFS) in November last year.
The land lies within the regional township of Greenvale 10 kilometres from the Sconi project and was purchased on the open market.
The acquisition allows Australian Mines to remain committed to employing a predominantly residential workforce, with minimal use of fly-in fly-out (FIFO) workers.
Australian Mines has set a goal to spend 90 per cent of its ongoing operational costs for Sconi with businesses from the surrounding region of North Queensland.
Company managing director Benjamin Bell said, “Fundamental to the success of vehicle manufacturers delivering on their electric vehicle strategy is their ability to secure ethnically-sourced, stable long-term supply of battery precursor chemicals – principally cobalt sulphate.
“This land purchase in Greenvale marks our first step in delivering on our promise of employing local, living local, buying local.”
The Sconi project is expected to create more than 300 full-time jobs for the next 20 years.
Australian Mines anticipates spending $922 million with Australian businesses, preferably Queensland companies, during the project’s initial construction period. It is expected to commence mid-2019, subject to finalising funding.