Characterisation comes first, as an independent feasibility exercise. We find out whether the material supports the process up front, and what the resulting economics will be.
Designs can be issued at 5, 10, 30 or 60% maturity gates. At each gate a partner can test options against their technical and economic objectives. We work with asset owners, operators, engineers and public-sector partners to understand each waste-to-value opportunity before significant capital is committed.
We use different commercial structures depending on what a partner needs. In Australia, for our first commercial plant, we hold a 50/50 joint venture with the site owner and share in the project economics. In Wales, the initial feedstock chemistry and financial analysis study does not involve an equity stake.
Where the value sits
A recovery plant runs two businesses. The first is a service: the site buys less water and pays less for disposal. That value is contracted, volume-based and indifferent to mineral prices. The second is a materials business: the recovered minerals sell into markets with an established reference price.
A mineral recovered from waste is worth that reference price, less the cost of closing any gap to the buyer’s specification, less transport costs, plus any recycling premiums. Closing the gap is usually one added step, such as a phase change, a wash or calcination, for example. We cost these upgrade routes within the resource estimate, so the owner can see the respective revenue possibilities before committing capital.