Secures over a million in seed funding for innovative recovery process.

As an environmental and chemical engineer, Leigh Staines has held a range of strategic, operational, and commercial roles with industry-leading companies such as ExxonMobil and Rio Tinto. Now, Staines is helming a bold new venture that could revolutionize copper production, spearheading the commercialization of an electrochemical process that can recover copper from low-grade resources once deemed uneconomical.

"We're looking forward to revolutionising Australia and world copper production with a transformative technology, a world-class team and highly supportive investors," Staines said. "As high-quality copper ores deplete, miners face mounting challenges in maintaining production from lower-grade, deeper, and more complex deposits. The industry simply cannot keep up with new demand coming from the energy transition without advances in technology like ours."

Backed by AU$1.05 million in seed funding from IP Group and the Federal Government's Resources and Critical Minerals Trailblazer commercialization hub, Banksia's technology arrives at a critical moment as global copper demand surges and traditional extraction methods and mines struggle to keep pace.

With a track record in green metals and sustainable mining and as the managing director of Banksia, Staines sees this as more than just an opportunity – it's a necessary shift for the future of the industry.

This investment will accelerate the scale-up of its innovative copper recovery process, helping bring the technology from the research lab to commercial deployment. The backing from both private investors and government initiatives highlights the strategic importance of copper in Australia's critical minerals sector and global energy transition efforts.

"In addition to being an exciting opportunity for the copper sector, this project is a testament to the world class ingenuity and innovation coming from Australia's university system," Staines said.

Innovative process unlocks low-grade copper reserves

Banksia is a University of Queensland (UQ) spin-out built on this new technology developed by University of Queensland associate professor James Vaughan and his research team.

"It's exciting to have this opportunity to deploy a new copper process technology and create positive change," Vaughan said.

Vaughan has dedicated years to researching sustainable extraction methods, and his work underscores the cutting-edge innovation emerging from Australian universities. The project also aligns with the country's broader commitment to research-driven solutions in the mining sector, supporting a more sustainable and competitive critical minerals industry on the world stage.

Traditional extraction methods of smelting and heap leaching are energy-intensive and often uneconomical for low-grade or impurity-laden copper ores. Banksia's new electrochemical process requires ultra-low chemical and energy inputs, allowing miners to economically recover copper from previously overlooked or discarded reserves.

With more than 50% of the world's remaining copper falling into this lower-grade category, Banksia's technology could dramatically expand the usable copper supply while lowering environmental impact. By offering a solution that is both cost-effective and less resource-intensive, this breakthrough could reshape copper production on a global scale.

Addressing global supply challenges

Copper is a critical metal for the energy transition, and it is used extensively in electric vehicles, renewable energy infrastructure, and power grids. However, the industry faces a supply bottleneck – global copper demand is estimated to eventually outstrip supply, with shortages anticipated as early as this year and expected to continue through 2050.

Compounding the issue, over 50% of the world's copper production is currently concentrated in China, raising concerns over supply chain security and market control. Banksia's technology provides a domestic, diversified source of copper for Australia and its North American trade partners, reducing reliance on Chinese imports and ensuring a more stable, resilient supply chain for industries worldwide.

With years of experience in the sector, Staines brings industry expertise, strategic vision, and a strong network of investors and collaborators. According to Shane Meaney, Investment Manager at IP Group and a Banksia Director, the urgency for new copper extraction technologies is greater than ever as miners worldwide struggle to unlock reserves.

Beyond enabling the recovery of previously uneconomical copper reserves, Banksia aims to facilitate the production of zero-carbon copper on-site. This aligns with the growing push for environmentally responsible resource extraction and will appeal to manufacturers looking for low-emission supply chain options.

Additionally, by keeping more of the copper processing within Australia, Banksia's work could drive high-value local manufacturing and create new economic opportunities, jobs, and technological advancements within the country's mining and industrial sectors.