BUILDING BLOCKS OF THE FUTURE

VHM CHIEF EXECUTIVE OFFICER RON DOUGLAS ON HOW THE COMPANY PLANS TO BRING ITS FLAGSHIP PROJECT ONLINE TO MEET GROWING RARE EARTHS DEMAND.

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According to the International Energy Agency's 'Global Critical Minerals Outlook 2024', demand for magnet rare earths nearly doubled between 2015 and 2023.

The same report found that demand for rare earths has the potential to double again by 2050 due to the increased adoption of clean energy solutions such as battery storage and solar farms.

As the global energy transition sees the world shift away from fossil fuels and embrace future-facing commodities, Australia is keen to play a part in providing the rare earths needed to meet the growing demand.

China has long held the title as the world's largest rare earths producer, followed by countries such as Brazil, Vietnam and Russia.

Australia currently makes up four per cent of the world's rare earths resources and five per cent of the world's total rare earths production, stemming solely from Lynas Rare Earths' Mt Weld operation in WA.

A company keen to supply rare earths is VHM, an Australian-based miner that started trading on the ASX in January 2023 through a $30 million initial public offering (IPO).

VHM's flagship asset is the Goschen rare earths and mineral sands project in the Loddon Mallee region of Victoria, which is on track to achieve first production in the coming years.

VHM closed 2024 on a high by securing its environment effects statement (EES) from the Victorian Government, marking the first time a greenfield mineral sands mine has been greenlit since 2008.

“It was quite a significant event,” VHM chief executive officer Ron Douglas told Australian Mining.

“Concurrently, the Victorian Government released its critical minerals roadmap, sending a clear message to the market that Victoria is back in the mining business.”