FAST Metals, a mining technology company specialising in the recovery of base and rare materials from red mud and other iron-rich waste, has raised $4.3m in pre-seed funding.
An inaugural commercial partnership was also announced with Metalox Mineral, under which the company will process one tonne per week of red mud and other iron-bearing waste at Metalox’s Florida site.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
FAST Metals’ technology is designed to separate valuable metals such as aluminium, scandium, titanium and rare earth elements (REEs) from stockpiled red mud, a byproduct of global alumina production.
The company has signed several memorandums of understanding with additional trading partners.
The new funding round was led by New Climate Ventures, with participation from investors including Azolla Ventures, Humba Ventures, Astor Swiss, and Rio Tinto through its mining technology accelerator with Founders Factory.
FAST Metals indicated that the new investment will be used for technical development and commercial operations, which include optimising its recovery processes and expanding customer engagement.
FAST Metals co-founder and CEO Sumedh Gostu said: “Our patented technology platform for critical mineral extraction removes iron from low-grade feedstock and turns alumina refining waste into previously untapped sources of minerals and metals like iron, gallium, alumina, titania and REEs.
“We are creating a cleaner material stream that can be more efficiently processed for minerals and metals.
“Further proven by our valued partnership with Metalox, we offer miners and extractors a more sustainable approach that can unlock new revenue from existing assets while lowering operating costs.”
The company’s technology could offer a source of critical minerals for the US and other Western nations seeking alternatives to current supply chains.
FAST Metals’ advisory board includes former Glencore International head of Copper and Zinc Trading Nick Popovic and Terry McNulty, a minerals industry specialist.
