Fast Metals raises $4.3M to extract critical minerals from red mud waste
Original: Fast Metals is treating waste with more waste to extract critical minerals
Why This Matters
Unlocking critical minerals from industrial waste could reduce reliance on conventional mining for key materials.
Startup Fast Metals raised a $4.3M pre-seed round led by New Climate Ventures to commercialize a process that extracts critical minerals—including titanium, scandium, and rare earth elements—from red mud, the toxic byproduct of aluminum refining, using another alumina refinery waste stream.
Fast Metals, co-founded by CEO Sumedh Gostu and Anthony Staley, has developed a six-step chemical process to extract valuable minerals from red mud, a caustic waste product generated by aluminum refining. More than 3 billion tons of red mud are currently stored in open-air ponds and mounds worldwide. The startup's key innovation is using a second waste stream—also produced by alumina refineries—as part of the chemistry, making the overall process economically viable where previous approaches were not. Gostu developed most of the process during his doctoral studies at the Colorado School of Mines. The process extracts iron, titanium, aluminum, scandium, and rare earth elements at different stages. According to Gostu, iron revenue covers operating expenses while higher-value outputs—titanium dioxide at $2.50–$3/kg and scandium oxide at approximately $750/kg—generate profit. The $4.3M pre-seed round included participation from Azolla Ventures, Astor Swiss, and Rio Tinto's accelerator Founders Factory. Fast Metals has secured a commercial contract with mineral processor Metalox to process one ton of red mud per week later in 2026.