Brisbane firm chasing riches from tin as chip demand soars
Tin isn’t usually considered one of the sexiest commodities. But that may be about to change as demand for the metal soars thanks to the high-tech sector.
City Beat
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Tin isn’t usually thought of as one of the sexiest commodities. But that may be about to change as demand for the metal, which usually ends up on supermarket shelves as baked bean and jam containers, skyrockets thanks to the high-tech sector.
Joe David, the new boss of ASX-listed tin miner Elementos, says tin is increasingly replacing lead as the solder in computer semiconductors and other electronic components. Lead is considered too toxic these days for use in such products.
David, a 36-year-old mining engineer, says increased demand from tech companies has seen prices for tin soar to record highs of US$34,462 a tonne this year.
David says the company acquired Oropesa in 2019 with US$26 million so far invested in developing the project. Once operational, tin from the open-cut mining operation could be shipped to smelters in Europe and Asia. Elementos also has a tin project at Cleveland in north-west Tasmania that operated as an underground mine from 1968 to 1986.
David tells City Beat that the fact the company’s two mines are located in developed western countries was a huge plus. While “Bond villain” nations such as Myanmar have big tin deposits, they don’t have the best human rights or environmental records, which makes lenders and regulators increasingly nervous.
David, who grew up on the Sunshine Coast, joins a pretty impressive bunch at Elementos, including former Bechtel Group executive Andy Greig, the company’s non executive chairman. When not chairing Elementos, Greig drives an impressive Aston Martin around town complete with crafted orange leather seats.
HEALTHY OPTIONS
Richlister Maha Sinnathamby has big plans to make Springfield a health hub in the coming years. Sinnathamby says talks are underway to bring together health services providers, researchers and investors into his planned community south-west of Brisbane.
The plan is for a “innovative medicines precinct” at Springfield Health City, a 52-hectare site that already includes the Mater Private Hospital Springfield and the just announced 174-bed public hospital to be funded under a partnership between Mater Health Services and the Queensland Government.
Sinnathamby congratulated the government on its newly-minted $1.84 billion jobs fund designed to turbocharge the state’s medical manufacturing and development program.
Professor Rob Stable, a former director-general at Queensland Health and now chair of Springfield Health City, says the body was in talks with half a dozen Australian companies interested in setting up shop in the new precinct.
“Announcements regarding new tenants could be forthcoming before the end of the year,” Stable says. “It makes sense, especially with the pandemic, to retain the research, the products and ultimately the jobs being created in Australia.”
He says such companies would prefer to develop their products in a purpose-built precinct in Australia rather than having to go offshore. “You can use grants to attract and keep researchers but you also need the physical space that attracts talent,” he said.
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