the minex process - scoria environmental...the minex process a patented process, to economically...
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The Minex Process Turning waste into profit
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Scoria Environmental Ltd
November 2017
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US$600bn metal value sat in slag heaps
Determined to be a minimum
US$500 per tonne in situ metal value
Smelter slag – 20M tonnes produced per annum
2+ billion tonnes of smelter slag globally*
Significant environmental liabilities across entire mining industry
* Source: Roskill, SRK
The market The opportunity
Scoria: turning waste into
profit
The investment proposition
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Fast access to vast metallurgical waste deposits across the world – traditional mine concept to product time horizons eradicated
Removal of mining risk and development time
There is a constant and steady supply of new feedstock, permitting efficient “offtake agreements”
Reduces/removes the owners environmental liability
The Minex Process
Scoria Environmental provides the key to patented process
Using modern chloride gas processing and industry standard metals recovery techniques
Modular equipment/facilities, with bolt on capabilities for global application across multiple commodity wastes
Delivers valuable products with significantly reduced process and operating risk
High margin
Reduced/eradicated owners environmental liability
Commercially valuable waste material with multi-purpose applications
The business opportunity
Scoria Environmental creates significant value from liability
The advantages The benefits
Our plan
Minex Technology
Demonstration plant
Commercial operation
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Stage 1 Stage 2 Stage 3
Complete Underway Next step
• Proven and validated technology
• Patents in place • Scoping study complete • CPR complete • Development partners:
• Initial fundraise • Secure IP Scoria • Test plant and operating
partner secured • Slag material identified • 3 month programme at
15t/day to prove up at commercial scale
• Secondary fundraise • Fully scoped project plan
devised • Slag heaps identified in
North America • Operating and
construction partners identified – scoping ongoing
Today 2018 2019
Demonstration plant
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• Smelter slag from feedstock
• Approximate mineral content 10% zinc, 3.5% lead
• Secure Minex Process IP
• Secured industrial scale processing facility
• Demonstration plant to process 15t/day for 3 months using Minex Process
• Process 300 tonnes of mineralised slag
• RPC to provide oversight with owner team
• Completion of
project design and economics
• Final development prior to secondary fundraise for commercial plant
* Prices at 10 August, 2017
Taking a balanced view
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Strengths
1. Locations selected for commercial plant can be selected based on political and country risk, not endured due to location of the resource.
2. Feed material is mined and has no risk associated with extraction.
3. Ability of the process to recover a series of metals from feed material reduces commodity risk.
4. Process is scalable and can be converted to run on other feed materials in short order.
5. As plants will generally be constructed on brownfield sites there is considerably less environmental permitting and associated delay.
Weakness 1. As operators recognise the value of the technology cost to secure
feed material will increase.
2. Patents only until 2025 or 2030 - work will be required to maintain new patents as required.
3. Potential Patent infringement will require stringent monitoring.
Opportunities 1. Government financing and grants potential to clean un
historically impacted sites.
2. Opportunity to roll out other parallel business lines not considered in this presentation.
3. Significant 'low hanging fruit' already identified.
4. Low threat of new entrants.
5. Sale of waste product into road building or construction industry.
Threats 1. Patent infringements.
2. Potential environmental liability assumed if historical waste piles are reprocessed - e.g. superfunds often require that the operator not only assumes liability for material processed but also the remediation of the remaining site.
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•Minex Process is not 'deposit dependent‘ – it can be located in jurisdictions with low political risk.
• As government agencies have 'inherited' historical slag deposits, favourable terms may be negotiable.
• Clean up / remedial technologies such as the Minex Process are seen in very favourable light by politicians
• There is significant slag volume worldwide allowing Scoria to select the most valuable for reprocessing.
• Significant inorganic growth potential by means of JV's and licence/NSR agreements with metals traders and smelter operators.
•Modular nature – retrofit Brownfields sites that possess prior environmental permitting.
• Potential source of employment in depressed regions improving human capital.
• Significant improvement in environmental capital for stakeholders impacted by large often acid generating slag piles.
• Financial capital improvements in the region from employment and payment of taxes.
• Innovative, but proven technology releasing economic value from something which has previously been considered a liability.
• Ability to select areas to do business ensures legal transparency and judicial security.
• Removing environmental liability from operators balance sheet.
• Improving stakeholders capital by removing visual and other environmental eyesore.
• Entering part of the circular economy, reducing environmental impact from mining operations by generation of a secondary metals source.
Political
Economic
Social
Technological
Legal
Environmental
The technology Minex Process
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The Minex Process
A patented process, to economically extract contained metals (precious, base, rare-earth), from smelter slag waste
The Minex Process uses established technology and known chemistry to produce saleable metal products
‘Dry’ Process, no need for dedicated waste storage facility
Use of chloride gas significantly reduces boiling point of metals and hence energy requirement
Discharges a non hazardous waste, reducing smelter / refinery operator environmental liability
Applicable to wide range of solid materials:
Mine waste
Metallurgical and electronic wastes
Complex mineral compounds
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Minex development timeline
11 Access to data room available on request
The advantages
Single process: Extracts all targeted metals simultaneously and separates the metals using conventional technology
Extensive application: Can be applied to any type of mineralised slag
Low cost: Operating costs are substantially lower than conventional technologies and recoveries significantly higher
Scalable and flexible: The technology can be retrofitted into existing processing plants as well as applied to new facilities
Multiple environmental:
A ‘dry’ process – there is no need to store the discharged waste in environmentally isolated impoundment
Significantly reduces environmental liability, whether it be slag pile management or closure costs
The discharge is non hazardous and can be used in ferro concrete and other cement products
The process requires significantly less energy than other similar technologies
Technology has been materially derisked through comprehensive development with leading international mining consultants 12
Extraction results
Sample
Extraction (%)
Fe Cu Zn Pb Ni In Mg Ga Ge Ag Au
Kalahari 2.1 93.2 96.4 92.3 -- 55.9 -- -- -- -- --
Kalahari 7.9 91.4 95.8 95.2 -- 48.5 -- -- -- -- --
Tsumeb slag 43.0 30.4 94.9 99.5 -- 82.6 -- 37.0 58.6 -- --
Tsumeb slag (spiked
Ge/Ga)
-- 83.2 75.6 98.8 -- -- -- 56.8 88.0 -- --
Tsumeb slag pilot #2 3.6 7.3 -- -- -- -- 1.6 13.4 -- -- --
Peñoles slag 8.0 64.4 80.2 94.6 -- -- -- -- -- 52.5 --
Peñoles slag 20.8 96.8 88.7 99.3 -- -- -- -- -- 97.1 --
Tombstone sulphide ore 6.7 74.9 96.4 -- -- -- -- -- -- 39.8 81.5
Tombstone slag 17.8 74.0 67.8 -- -- -- -- -- -- 40.2 --
Tombstone slag 16.8 85.6 89.6 -- -- -- -- -- -- 50.1 77.9
Columbian 16.5 79.6 82.3 65.6 -- -- -- -- -- -- --
Columbian 40.3 95.3 94.3 92.3 -- -- -- -- -- 95.2 99.0
Ni concentrate 8.9 44.0 -- -- 23.9 -- 12.9 -- -- -- --
Ni concentrate 91.2 99.4 92.4 89.1 96.7 -- -- -- -- 99.3 --
High In sample 26.1 98.3 93.4 -- -- 56.7 8.9 -- -- 79.0 87.3
Boliden -- 99.4 38.8 74.6 -- -- -- -- -- 97.0 98.3 13
Very positive extractions results delivered from multiple different slag samples.
Alternative technologies
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Partial atmosphere roasting
Oxidising leach and solvent extraction for copper slags
Acid fuming and precipitation of zinc slags
Grinding and separation by air or other processes of ferrous or other waste
All face challenges to effectively extract metals and manage process discharge either due to cost or technical limitations
The Minex Process has none of these disadvantages and is the best solution for cost effective metals recovery
Scaling up The next steps to full commercial scale operations
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Stage 3 development plans
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Build commercial
plant
Secure commercial
material
Identify material
• SRK engaged to identify material from estimated 2 billion tonnes available globally
• SRK will evaluate owners’ environmental liability costs to tailor commercial agreement
• Minex Process proven on many slag types, allowing for most valuable material to be secured
• Optionality for future plant development to take place in advantageous geographies
• Negotiating LOI with Port Authority of Belledune, Canada
• Excellent infrastructure and financial incentives
• Commissioning to take 18 months
• Potential first slag feedstock from nearby smelter
• 150+ million tonnes of available slag identified in Canada alone.
Scoria, with proven
commercial scale Minex Technology
Options to commercialise
Future financing options
Mechanisms will include:
IPO or secondary financing
Joint venture and/or licensing and NSR agreements – reducing Scoria commercial risk
Toll processing, initial Capex provided by commodity streaming finance mechanism reducing Scoria commercial risk
Environmental grants/incentives from government and other bodies such as the US Environmental Protection Agency, the European Bank for Reconstruction and Development and Atlantic Canada Opportunities Agency
By entering into a number of different financing arrangements capital risk can be managed and immediate cash flow from licensing agreements realised
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Scoria Environmental
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Board and key management
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Executive directors:
Matthew Dorman: CEO
30 years international experience in the M&M sector. Technical management of projects and operations, Board experience on LSE AIM listed entity. Involvement in successful commercial development of disruptive technologies. Focused on organic and inorganic growth opportunities which add significant value to stakeholders.
David Goldsack: CFO
A qualified accountant involved in the international coal yrade for over 40 years both as CEO of coal trading companies and several years as an independent trader. Headed start-up of an international trading unit for Société Générale. Wide working knowledge of the transportation of bulk materials. Headed up the International Coal and Power Group of Global Economic Consultants IHS. Director: Instrumental in the formation of Minex Technologies, the inventors and developers of the Minex Process.
Mark Lowe: NED
-Mark Lowe is a founding partner and Director of Verdant Trading and Investment Pte Limited, a Singapore company concentrating on trading and investing in socially and environmentally positive commodity flows.
- Former CEO, MRI Trading Group
Developed the raw material and refined metals business as president of Louis Dreyfus Commodities Metals Geneva
- Head of the Refined Metals Division of Trafigura, based in Lucerne, London and
Melbourne.
Dr. Matthew Dey: Project Management
- Matt is a chartered engineer who specialises in the application of geochemistry and process engineering to a wide range of mining and engineering problems.
- Matt was a Principal Geochemical Engineer with SRK Consulting for 9 years and prior to joining SRK was a senior researcher at Cardiff University.
Dr. Rob Bowell: Strategy Consultant
- Eur. Geol. R. J. Bowell Ph.D., C. Chem MRSC, C. Geol FGS FIMMM Geochemist with 27 years experience.
- Rob has been involved in the development of the Minex Process largely since its inception and has in that time provided valuable contacts between Minex and owners of slag and other waste products.
- Corporate Consultant in the UK Geochemistry team in SRK
Summary
There is a significant global resource that is expanding annually, generating opportunities for economic reprocessing of smelter wastes
The Scoria business model is the ultimate cost effective solution to exploit this opportunity
The Scoria business model has considerable economic and technical advantages over alternative processes
The Scoria business model delivers reduced environmental liability to smelter and refinery operators
Significant financial benefits
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Testimonials
“On the basis of the trials completed to date the Minex Process has proved to be an effective method of unlocking intrinsic value in otherwise uneconomic waste, complex metal containing feed material and lends itself to becoming an alternative solution to processing certain primary ores.”
SRK Consulting
“This is one on the best technologies I have seen in my 36 years working in the field and I am sold on the merits of the technology.”
R. Gilders RPC
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David Goldsack: Director + 44 1737 356262 + 44 7501 464522 [email protected]
Scoria Environmental Ltd Incorporated in Scotland under Company Registration number: 571963
Matthew Dorman: CEO +569 6308 2268 [email protected]
www.scoriaenvironmental.com
Contact details
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Bobby Morse / Chris Judd Buchanan [email protected]