Fast Metals is treating waste with more waste to extract critical minerals

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. “We are removing that impediment,” he said.

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. “We were like, ‘oh wait, theres’s a waste stream which can make the whole process very economical, and it’s lying right there,'” Gostu said.

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.

“Iron pays for the opex, and the other stuff is profit,” Gostu said.

The profit potential is significant. Titanium dioxide sells for around $2.50 to $3 per kilogram, while scandium oxide sells for about $750 per kilogram.

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.