Mineral Resources makes $26.6m investment in Binding Solutions

Mineral Resources has invested $26.6m in UK-based Binding Solutions (BSL), a technology company that significantly reduces energy use and emissions in the productions of iron ore pellets.

Binding Solutions will use the investment to progress the design and construction of a demonstration plant capable of producing around 50t per hour of cold-bonded iron ore pellets.

Using minimal heat and limited energy, BSL’s process produces high-quality pellets or briquette (compressed block of coal dust) products for the iron ore and steel industry.

This technology reduces energy use and carbon dioxide emissions by up to 95% and 93%, respectively, compared to traditional processes. It also virtually eliminates sulphur oxide and nitrogen oxide emissions.

Mineral Resources’ managing director Chris Ellison said this technology has the potential to play a major role in the world’s decarbonisation strategy.

“BSL’s technology has the potential to rapidly play a major role in the decarbonisation of the global steel industry,” he said.

“MinRes has a track record of using innovation to solve problems and unlock value, and we are excited to partner with BSL to support this innovative technology.”

Mineral Resources has the right to licence the BSL technology to manufacture cold-bonded pellets from iron ore at its own mines.

Recently, Binding Solutions installed a 2t per hour pilot plant at the Materials Processing Institute in Teesside, UK, with the intent of running batches for customers.

Binding Solution chief executive Julian Lee said the partnership with Mineral Resources is a significant step for the company.

“The partnership with MinRes is a hugely significant step for BSL and further validation of the innovative technology we have developed in the UK,” he said.

“Working with such a respected player in the global mining industry has the potential to rapidly accelerate and de-risk the roll our 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.

“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.”