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If the research is successful, the technique will be deployed to help save lives around the world.
The university is part of a global push, through the Coalition for Epidemic Preparedness Innovations, to come up with a vaccine for COVID-19 as soon as possible. Other backers include the Bill and Melinda Gates Foundation, Wellcome Trust, the World Economic Forum and global governmental partners.
UQ's vaccine research is also funded by the federal government, the Queensland government and the Paul Ramsay Foundation.
UQ vice-chancellor and president Professor Peter Høj said Newcrest's support would help the team accelerate efforts to fast-track an effective vaccine and help save lives around the world.
"Promising pre-clinical testing finalised last week is an excellent indication that the vaccine has great potential," he said.
Newcrest is the latest big miner to throw money at vaccine research, with BHP handing $2 million to the university last week.
Western Australian mining magnate Andrew Forrest has arguably been the most proactive miner by sourcing an extra 10 million COVID-19 test kits from China for use in clinics around the country, as well as a host of personal protective equipment and ventilators.
Newcrest managing director and CEO Sandeep Biswas said as a global mining company, it understood the impact the virus was having globally.