US-based FAST Metals has confirmed a US$4.3 million pre-seed equity funding backed by early-stage VCs New Climate Ventures and Azolla Ventures, Astor Swiss and the Founders Factory tech accelerator supported by mining major Rio Tinto.
FAST, a 2025 start-up founded by former Glencore technical director Dr Sumedh Gostu and Nyrstar executive Dr Anthony Staley, is seeking to commercialise a new hydrometallurgical process for recovering minerals from alumina-production waste – ubiquitous bauxite residue or “red mud” – and other mine tailings.
As well as the funding it has announced a deal with Florida-based Metalox Mineral Corporation to process red mud and “other iron bearing waste feed stock” at a Metalox plant to confirm “the commercial viability of its technology”.
“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 rare earth elements,” said Gostu, co-founder and CEO of FAST Metals.
“We’re 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.”
FAST became part of Rio Tinto-Founders Factory’s accelerator cohort last year.
Gostu told InvestMETS.com at the time the start-up would aim to deploy its technology at a mine site after the Florida commercial demonstration. FAST said this week it had “additional MOUs signed with trading partners”.
The company cites an estimated $3-4 trillion of minerals in four billion tonnes of alumina waste around the world, with the red mud stockpile said to be growing by 150-to-200 million tonnes a year and representing a significant environmental and financial liability for owners.
“FAST Metals’ technology can de-iron low-grade feedstock, like red mud, and produce rare earth elements and other base metals, creating a saleable product while drastically reducing the volume of red mud waste and the associated environmental and regulatory burden,” FAST says.
Bauxite and other mine-waste valorisation is becoming an increasingly attractive market in which companies such as Canada’s CoTec Holdings and Enervoxa and Australian-based Metallium and Alumtek Minerals are active.
Canadian-based aluminium industry consulting group AluminPro says: “Recovering metals transforms a disposal liability into a high‑margin revenue stream, supported by growing demand for critical minerals, rising prices – for example, scandium oxide at $3000-to-$5000/kg – and government funding in the US, EU and Australia for domestic mineral supply chains.”
