Equity investment (3%) in Binding Solutions Ltd. (“BSL”) that has a commercially-proven and industry-leading patented cold binding technology – which includes exclusive JV rights to deploy the technology in four jurisdictions to create revenue-generating businesses. BSL technology converts the fine materials from mines/waste dumps into ISO-compliant pellets or briquettes ready for furnace usage to produce green steel. Significant energy savings and 90% reduction in capital costs per 1mtpa production vs. traditional induration processes. Broad application and not limited to steel, applicable to variety of metals and minerals.
BSL is currently designing a full-scale commercial demonstration plant. BSL commissioned a pilot plant in Teesside in August 2023
BSL has received an equity investment from Mitsui at a valuation of USD130m and most recently (Aug. 4, 2023) by Australian-based MinRes at a higher valuation of USD158m. This valuation represents a 107% increase over the USD75m valuation at which CoTec made its initial USD2m investment.