UK-based Binding Solutions Limited (BSL) has announced that it has signed a memorandum of understanding with Australian miner Mitsui Iron Ore Development Pty. Ltd. (MIOD), marking a further step toward the commercialization of its cold agglomerated pellet (CAP) technology. Under the understanding, BSL and MIOD will collaborate on applying BSL’s proprietary CAP technology to Pilbara iron ore operations in Australia, where MIOD has a strong operational presence.
The companies said the technology could enable the conversion of fine Pilbara iron ore into seaborne pellets, potentially creating a new source of low greenhouse gas emission pellet supply for the global market.
Low-energy pelletizing technology
BSL’s CAP technology uses proprietary binders and agglomeration processes to produce iron ore pellets without high-temperature processing. According to the company, this reduces energy consumption by around 80 percent and GHG emissions by up to 70 percent compared with conventional pelletizing methods.
The company added that CAPs can match or exceed the performance of traditional iron ore pellets, while its modular and scalable plant design can deliver capital expenditure reductions of up to 86 percent per annual one million mt of capacity. The technology can also be used to recycle waste fines from metals production into reusable pellets.
Funding to support first commercial CAP plant
The company also announced the completion of a $5m equity fundraising led by existing shareholders. The funds raised will be used to accelerate engineering and other studies ahead of a final investment decision for BSL’s first-of-a-kind commercial CAP plant, designed for a range of iron ore types; further develop several commercial opportunities to pelletize fine material with direct reduced iron producers and blast furnaces; and enable additional product development for direct reduction and hydrogen CAP products.
