Vanadium gets a boost as Idemitsu joins the rush to Julia Creek

Japanese company Idemitsu, which sold its stake in the Ensham coal mine last month, has made a $13 million bet on batteries and Queensland’s burgeoning vanadium industry.

On the same day that Senex Energy, partly owned by Gina Rinehart, signed up with CS Energy to develop hydrogen at the Kogan Power Station, Idemitsu said it had taken a 15 per cent stake in Vecco Group which is developing the Debella Critical Minerals project near Julia Creek.

Earlier this year, Idemitsu also took a minor stake in a WA based lithium project.

It initially took a $5 million stake in Vecco in October, 2022, but added $8.2 million today and is underwriting Vecco’s second round of capital raising.

• [Editor:倪骏豪]