UK-based Binding Solutions has entered into an agreement with a subsidiary of Mitsui & Co to develop low-carbon iron ore pellets using material from Western Australia’s Pilbara region, one of the world’s largest iron ore hubs.
Under a newly signed memorandum of understanding with Mitsui Iron Ore Development, Binding Solutions will apply its proprietary cold agglomeration technology to convert lower-grade iron ore fines into pellets. The company says the process significantly reduces energy use and carbon dioxide emissions compared with conventional pelletizing methods, which rely on high-temperature heat treatment.
Binding Solutions chief executive Jon Stewart said the work already carried out with Mitsui’s unit demonstrates strong commercial potential. According to Stewart, the ability to upgrade Pilbara iron ore fines into premium pellets opens up a sizeable new market opportunity, particularly as steelmakers seek cleaner feedstock options.
The preliminary agreement focuses on utilizing fines that would otherwise require sintering, a highly energy-intensive and polluting step, before they can be used in traditional blast furnaces. Pellets produced via Binding Solutions’ method can bypass this stage and are also suitable for electric arc furnaces, which are increasingly being adopted by steel producers aiming to lower emissions.
Mitsui holds iron ore interests in the Pilbara through partnerships with major miners including BHP and Rio Tinto. In 2024, the Japanese trading house agreed to acquire a 40% stake in Rio Tinto’s Rhodes Ridge iron ore project in Western Australia for $5.34 billion.
Binding Solutions has previously completed industrial trials of its technology with British Steel and Germany’s Salzgitter and is now working toward the development of a full-scale industrial plant to commercialize the process.
