The British company Binding Solutions has signed an agreement with a division of the Japanese trading house Mitsui & Co to process iron ore from Australia's large Pilbara region into low-carbon pellets, Reuters reports.
The company notes that its technology reduces energy consumption and CO₂ emissions in the production of iron ore pellets compared to traditional methods.
The statement said that Binding Solutions has signed a memorandum of understanding with Mitsui Iron York Development for the production of cold-agglomerated pellets, which require significantly less energy to produce than conventional pellets.
John Stewart, CEO of the company, said that the progress made in collaboration with MIOD to develop pellets from Pilbara ore, the world's largest iron ore mining region, creates "significant additional market opportunities for the company."
According to the preliminary agreement, Binding Solutions will use its technology to process lower-quality iron ore from the Pilbara into pellets, which are sold at a premium margin.
