Saint Elmo Vanadium Project
Multicom Resources Limited (Multicom) (ACN 605 352 690) is seeking to develop the Saint Elmo Vanadium Project (the Project) for the purposes of mining and processing vanadium pentoxide and alternative vanadium-based products. The Project proposes to take advantage of the increasing supply gap associated with high-strength steel production, the growth market of vanadium batteries and the emergence of vanadium based compounds as a revolutionary metal in new technologies. The rise of renewable energy sources and associated battery storage capacity has necessitated the development of battery storage projects that require sources such as vanadium.
The Project is located approximately 25 kilometres (km) east of Julia Creek in the priority North West Minerals Province of north western Queensland, within the McKinlay Local Government Area (LGA).
Multicom, a Queensland based exploration and mining company, have been working on the Project since 2014 when exploration activities revealed significant amounts of vanadium within the sedimentary rocks in the area. Construction is expected to commence in late 2020, and Multicom is targeting first production of vanadium pentoxide in late 2021.
Multicom estimates there will be over 200 people directly employed during peak construction and more than 150 people employed in operational jobs. These employment numbers will also increase as the Project shifts from a 10,000 tpa operation to a 20,000 tpa operation with an additional 150 jobs estimated for construction of a second processing facility and an additional 100 operational jobs. Throughout all phases of the Project, Multicom will seek to preferentially employ a local workforce.
Multicom has worked with Epic Environmental Pty Ltd on the approvals process for the Project since 2017 and has released the Environment Impact Statement (EIS) for the Project.
Multicom Resources Limited
Multicom was incorporated in April 2015. Although a recently formed company, the key operational staff have a long history of experience and business within the Queensland resource sector.
Multicom is a mining company established for the purposes of acquiring vanadium exploration projects within Australia, focusing on the Queensland region and the underlying Toolebuc Formation, that were deemed to offer attractive opportunities for exploration and development. The Company has two wholly owned subsidiaries, Freedom Energy Pty Ltd (ACN 616 796 055) and Vanadis Technologies Pty Ltd (ACN 624 845 629).
The Company is developing two Queensland mining projects focused on vanadium, which comprise the advanced Saint Elmo Vanadium Project and the earlier stage Yappar Project.