Mineral Resources (MinRes) has invested $US17.5 million ($26.6 million) in Binding Solutions in order to reduce energy use and emissions during the production of iron ore pellets.
Binding Solutions is a UK-based company that develops proprietary technology. Its strategy is to roll out its technology across the mining and metals industry by partnering with major global companies, particularly in the iron ore and steel sectors.
Its patented process uses minimal heat and limited energy to produce high-quality pellets or briquette products for the iron ore and steel industry.
It will use the $26.6 million from MinRes to progress the design and construction of a demonstration plant capable of producing about 50 tonnes per hour of cold-bonded iron ore pellets.
According to Binding Solutions, its technology can reduce energy use and carbon emissions by up to 95 per cent and 93 per cent respectively, in comparison to traditional induration processes.
“Binding Solution’s technology has the potential to rapidly play a major role in the decarbonisation of the global steel industry,” MinRes managing director Chris Ellison said.
“MinRes has a track record of using innovation to solve problems and unlock value, and we are excited to partner with Binding Solutions to support this innovative technology.”
Binding Solutions chief executive officer Julian Lee said the partnership with MinRes is a significant step for Binding Solutions.
“Working with such a respected player in the global mining industry has the potential to rapidly accelerate and de-risk the roll out of our technology by giving us access to the deep expertise and networks that MinRes has built with some of the industry’s largest players over many years,” Lee said.
“We are now focused on rapidly progressing plans for our demonstration plant and exploring the potential to apply our technology to lithium, a critical battery material.”