There might well be another gold rush in Australia – in mines given up as unproductive but which have suddenly attracted a lot of interest from new investors.

SeaStock Pty Ltd, a leading global marine science solutions company specialising in onshore seaweed cultivation and compound extraction, has entered into an agreement with Regis Resources Ltd, one of Australia’s largest gold producers.

They will be undertaking a final feasibility study exploring the potential of cultivating Asparagopsis seaweed in mine pit water. 

The 12-month staged study will assess the viability of repurposing underutilised mining infrastructure to establish a large-scale, land-based Asparagopsis production facility.

The project will progress through three key stages to deliver final investment decision: 

•Stage 1: Optimisation of mine pit water conditions

•Stage 2: Biological and engineering design

•Stage 3: Business modelling and commercial development 

This agreement is the culmination of more than six months of initial research work, where SeaStock has tested the viability of cultivating Asparagopsis using Regis Resources mine pit water at its Fremantle pilot facility.

Jim Beyer, Regis managing director and chief executive says his company is very pleased to be a partner in this innovative work.

“This project forms a part of our plan to explore innovative solutions to optimise the performance of our assets to create sustainable value for our stakeholders, “he says.

“For a relatively capital light investment, this initiative has the potential to transform underutilised infrastructure into a commercially viable project that supports Australian carbon credit unit generation while also helping to offset our carbon emissions.

“Additionally, if successful, this project could represent a source of longer-term employment for our local communities, which would deliver an enduring and positive legacy which extends beyond the current life of the mine.

“We are pleased to be partnering with SeaStock, a local WA-based company, to drive forward this exciting opportunity.” SeaStock is pioneering the repurposing of underutilised infrastructure to create a low-cost production system for Asparagopsis, supporting its mission to provide natural methane-reducing feed additives for the livestock industry.

The company is also exploring additional locations which leverage undervalued saltwater deposits to scale its operations in Australia and other global demand.