Canadian clean technology firm Geomega Resources Inc. subsidiary Innord Inc. and Anglo-Australian mining giant Rio Tinto Group are partnering to develop a new method for handling bauxite ore residue (“red mud”) to bring to market recoverable iron compounds found within it.
Per the agreement, Rio Tinto will provide C$1 million of the C$4 million needed to develop a pilot plant and carry out a feasibility study for Innord’s Bauxite Residues Iron Phase Product. In addition, the two parties will review Innord’s Bauxite Residues Technology (IBRT) in parallel, and Innord has agreed to devote the next twelve months to developing and testing a related technology that will produce the same product. That product will subsequently be reviewed by Rio Tinto.
The intellectual property will belong to Rio Tinto at the conclusion of the project, with Innord to receive royalty payments for the technology derived from it.
Kiril Mugerman, President and CEO of Geomega and Innord, said in a press release that the partnership will be highly beneficial for both parties.
“We are excited to further extend our cooperation with Rio Tinto on bauxite residues. Iron is the largest component of bauxite residues, and we believe that this stream holds the keys to a successful implementation of Innord’s complete and sustainable valorization of said residues. This project will evaluate the added value transformation of the iron compound produced using IBRT, creating potentially new and more profitable markets for this product. A successful project has the potential to increase the commercial viability of IBRT and contribute to its expedited commercialization.”
Geomega says the project will begin at once, with a definitive development agreement to emerge by year’s end. No other financial details of the agreement were released by either firm.