\n<\/p>\n
Aluminum has left an indelible mark on the world \u2014 more than 3 billion tons<\/a> of red mud, a waste product of the refining process, are currently stored in open-air ponds or mounds. But to Sumedh Gostu, co-founder and CEO of Fast Metals<\/a>, there\u2019s treasure in the caustic waste.\u00a0<\/p>\n \u201cIt is a very rich resource,\u201d he told TechCrunch. \u201cIf you attack with the right chemistry, it can be very profitable.\u201d<\/p>\n Gostu thinks Fast Metals has found that chemistry, which just so happens to be partially comprised of another waste stream, also produced from alumina refineries.<\/p>\n The startup recently raised a $4.3 million pre-seed round led by New Climate Ventures with participation from Azolla Ventures, Astor Swiss, and Rio Tinto\u2019s accelerator, Founders Factory.<\/p>\n Red mud\u2019s vermillion hue comes largely from rusted iron, which is the most common compound in the mix. But the byproduct also contains critical minerals<\/a>, including titanium, aluminum, and rare earth elements.\u00a0<\/p>\n Despite its mineral riches, red mud has largely been ignored because it has been too expensive to separate those minerals from the iron oxide, Gostu said. \u201cWe are removing that impediment,\u201d he said.<\/p>\n Gostu had designed most of the process during his doctoral studies at the Colorado School of Mines. But one piece was missing, until one day, while talking with his fellow co-founder Anthony Staley, things fell into place. \u201cWe were like, \u2018oh wait, theres\u2019s a waste stream which can make the whole process very economical, and it\u2019s lying right there,\u2019\u201d Gostu said.<\/p>\n Fast Metals applies this waste stream, along with other chemicals, to red mud over six different steps. Different minerals fall out along the way, each of which can be sold.<\/p>\n \u201cIron pays for the opex, and the other stuff is profit,\u201d Gostu said.<\/p>\n The profit potential is significant. Titanium dioxide sells for around $2.50 to $3<\/a> per kilogram, while scandium oxide sells for about $750 per kilogram<\/a>.<\/p>\n With the fresh funding, Fast Metals plans to scale up its process. The startup has a commercial contract with Metalox, a mineral processor, to treat one ton of red mud and refinery waste per week later this year.<\/p>\n<\/div>\n When you purchase through links in our articles, we may earn a small commission<\/a>. This doesn\u2019t affect our editorial independence.<\/em><\/p>\n