Exterra Tackles Carbon Emissions in Mining with $20 Million

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News Summary

Exterra Carbon Solutions raises $20 million to revolutionize mining waste management and reduce carbon emissions from the mining industry.

Exterra Carbon Solutions Secures $20 Million to Tackle Asbestos Tailings and Reduce Mining’s Carbon Footprint

In an ambitious move aimed at revolutionizing the mining industry, Montréal-based cleantech startup Exterra Carbon Solutions has successfully raised $20 million in Series A funding. This funding marks a crucial milestone in Exterra’s mission to transform mining waste into valuable materials, ultimately aiming to decarbonize one of the most notorious carbon-producing sectors.

Innovative Techniques to Repurpose Mining Waste

Exterra has developed two innovative techniques specifically designed for repurposing harmful asbestos tailings while also extracting critical minerals. Their first process involves treating mining tailings with strong acids to eliminate asbestos fibers. This transformation allows for the extraction of essential minerals like silica, nickel, and magnesium oxide, with the latter being crucial due to its fireproofing properties. Traditionally, magnesium oxide production is carbon-intensive, but Exterra’s approach intends to shift that paradigm.

The company’s second technology is a game changer, converting magnesium oxide into magnesium carbonate through a process known as carbon mineralization. This process has proven to absorb approximately 1.1 tons of carbon dioxide for every ton produced, thereby facilitating revenue through the sale of carbon credits.

Impact of Mining on Carbon Emissions

According to Environment and Climate Change Canada, mining and heavy industries produced a staggering 78.3 million metric tons of carbon dioxide in 2023. This alarming statistic further emphasizes the urgent need for solutions that integrate the mining sector into a circular economy. Exterra’s approach not only aims to mitigate the impacts of asbestos but also addresses the broader environmental concerns associated with mining’s carbon footprint.

Future Plans: Hub One

Exterra is making significant strides with plans to establish the world’s largest asbestos mitigation plant, dubbed Hub One. This facility, which is currently in the pre-commercial scoping phase, is projected to process 400,000 tonnes of asbestos mine tailings annually. Potential locations for Hub One include historical asbestos mining hotspots such as Thetford Mines and Val-des-Sources—once a major producer of asbestos until its last mine closed in 2012.

Health Risks Associated with Asbestos

The inhalation of asbestos fibers remains a pressing health concern, particularly in industrial settings, where it has been linked to severe ailments, including mesothelioma and other cancers. The World Health Organization reports that over 70% of work-related cancer deaths are attributable to asbestos exposure. Exterra’s efforts aim to mitigate these risks by repurposing existing tailings and bringing their harmful legacy to an end.

Strategic Partnerships and Industry Awards

The Series A funding round, which closed on April 1, 2023, was co-led by Clean Energy Ventures and BDC Capital, gaining further financial backing from the Québec government through Investissement Québec, along with other notable investors. With this new financing, Exterra has raised a total of $32 million, enabling plans to expand their workforce from 13 to 20 employees over the next 18 months.

Exterra is collaborating with major institutions such as BASF and WSP, and is already reaping the benefits of its technologies. All current carbon credits have been snapped up by notable firms through a repurchasing program, setting a strong foundation for their projected growth in the low-carbon materials market.

Putting Asbestos Tailings to Good Use

With a potential supply capacity of up to 800 million tonnes of asbestos mine tailings available within Québec, Exterra is poised to play a pivotal role in revitalizing mining waste, thus creating greater opportunities for sustainable practices. Their dual-circuit technology platform, featuring Low-carbon Oxide from Waste (LOW™) and Reactive Oxide to Carbonate (ROCTM), represents a cutting-edge approach, complementing efforts nationwide to tackle carbon emissions in mining.

The projected construction of Hub One underlines Exterra’s ambition to become a leader in producing low-carbon materials, with recognition already bestowed upon them via the 2024 Carbon Capture Canada Award. With Québec’s low-carbon hydroelectric grid at their disposal to power operations, the future looks bright for Exterra Carbon Solutions.

Through strategic planning, innovative technology, and essential partnerships, Exterra Carbon Solutions is not just addressing the past failures of asbestos mining; they’re paving the way for a sustainable future that benefits both human health and the environment.