Queensland’s Premier Annastacia Palaszczuk, Resources Minister Scott Stewart and Multicom Resources chief Executive Officer Shaun McCarthy jointly announced the go-ahead for the AUD 250 million Saint Elmo mine near Julia Creek, in the state's North West. Mine construction is planned to start in 2022, supporting 250 jobs at peak, with first production forecast for late 2023. Saint Elmo is initially forecast to produce up to 5000 tonnes per annum of vanadium pentoxide, supporting at least 150 mine jobs and operating for up to 20 years. As the project expands production to 20,000 tonnes per annum over time, there'll be an additional 100 operational and 150 construction jobs createdWith ore processing to occur onsite and product to be shipped globally from the Port of Townsville, Multicom will benefit from the reliable logistics solution provided by the Flinders Hwy and Queensland Rail's Mount Isa Line." Vanadium is used in high strength low alloy steel and is emerging as a critical battery storage commodity for its use in vanadium redox flow batteries, ideally suited to large, grid scale storage solutions. It is one of the new economy minerals that are used in advanced and renewable energy technologies.