Fast Metals Secures $4.3M to Mine Treasure From Toxic Red Mud

The refining of aluminum has long left behind massive quantities of red mud, a byproduct saturated with iron oxide and valuable elements like titanium, aluminum, and rare earth metals. Historically, the high cost of separating these minerals from the iron base has kept them locked in storage, but Fast Metals CEO Sumedh Gostu believes his team has solved the chemical puzzle. Developed during his doctoral research at the Colorado School of Mines and refined alongside co-founder Anthony Staley, the company’s six-step process uses a proprietary secondary waste stream to stabilize costs.

Investors are betting on the scalability of this approach, with a recent $4.3 million pre-seed round led by New Climate Ventures. The startup has already secured a commercial agreement with Metalox to begin processing one ton of refinery waste per week later this year. According to Gostu, the iron recovered during the process covers operational expenses, while high-value materials like scandium oxide—which can trade for roughly $750 per kilogram—provide the primary profit margins.