Binding Solutions Ltd, a UK-based metals processing technology company has agreed a major US$17.5 million strategic investment from Mineral Resources Ltd, the leading Australian mining services company with a growing world-class portfolio of mining operations in iron ore and lithium.
BSL says it will use the funds raised to progress the design and construction of a demonstration plant for its innovative technology which it says is capable of producing approximately 50 t per hour of cold-bonded iron ore pellets. BSL’s patented process uses minimal heat and very limited energy to produce high quality pellet or briquette products primarily for the global iron ore and steel industry. T
The technology reduces energy usage and CO2 emissions by up to 95% and 93% respectively compared to traditional induration processes, while also virtually eliminating SOx and NOx. At the same time, BSL’s technology enables reductions in capital investment costs of approximately 90% per 1 Mt/y of production.
BSL and MinRes have also agreed to partner on several initiatives that leverage their respective strengths in technology development and industrial scale materials handling as well as mining services. BSL is considering a number of potential locations for the demonstration plant in the UK, EU and Western Australia and expects to make a decision on site selection by the end of 2023.
MinRes has the right to licence the BSL technology to manufacture cold-bonded pellets from iron ore at its own mines and will become the preferred builder of BSL pellet plants in global markets. MinRes will also provide design and engineering, project management, as well as procurement support for the demonstration plant. MinRes also has the right to appoint a member of the BSL Board of Directors. BSL has recently installed a 2 t per hour pilot plant in its lab at the Materials Processing Institute in Teesside with the intention of running batches for customers.
MinRes Managing Director Chris Ellison said: “BSL’s technology has the potential to rapidly play a major role in the decarbonisation of the global steel industry. 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.”
Julian Lee, CEO of Binding Solutions said: “The partnership with MinRes is a hugely significant step for BSL and further validation of the innovative technology we have developed in the UK. 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. We are now focussed on rapidly progressing plans for our demonstration plant and exploring the potential to apply our technology to lithium, a critical battery material.”
