Fast Metals, a startup focused on extracting valuable minerals, is tackling the massive global problem of red mud—a caustic waste byproduct from aluminum production that has accumulated into over 3 billion tons stored in open-air ponds. The company’s CEO and co-founder, Sumedh Gostu, believes this waste holds immense potential as a mineral-rich resource, particularly for critical elements like titanium, aluminum, and rare-earth metals. By applying a novel chemical process that utilizes another waste stream from alumina refineries, Fast Metals aims to economically separate these materials for profitable sale.

The red mud’s deep red color is primarily due to iron oxide, which has made separating other minerals prohibitively costly in the past. Gostu, who developed much of the extraction process during his doctoral research at the Colorado School of Mines, identified a missing piece after discussions with co-founder Anthony Staley: a local waste product that could be incorporated into their method to drastically reduce expenses and improve efficiency. This waste-assisted chemistry has now become Fast Metals’ core technological breakthrough.

Fast Metals’ process involves a six-step chemical treatment of red mud combined with refinery waste. As the treatment progresses, different minerals settle out sequentially, with iron recovery covering operating costs and the other extracted minerals generating profit. Notably, titanium dioxide and scandium oxide, two of the key recovered minerals, command significant market prices—about $2.50 to $3 per kilogram and up to $750 per kilogram respectively—underscoring the system’s commercial promise.

The startup recently closed a $4.3 million pre-seed funding round led by New Climate Ventures, with support from Azolla Ventures, Astor Swiss, and Rio Tinto’s accelerator Founders Factory. With these resources, Fast Metals plans to scale its operations, including a commercial agreement with mineral processor Metalox to begin treating one ton of red mud and associated refinery waste weekly later this year. This effort could both mitigate environmental hazards and create valuable mineral supply streams in a challenging market.