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Catching new-energy vehicle boom, Hong Kong start-up plans to recover valuable metals from rare-earth processing waste www.scmp.com
Achelous Pure Metal, a start-up based in Hong Kong Science Park, is in talks to form the city’s first facility to recover wastes from rare-earth processing plants into high-value metals to meet growing demand in the new-energy vehicle (NEV) industry.
The firm is discussing seeking up to HK$40 million (US$5.1 million) to establish a pilot research and refining facility in a new industrial complex within the Tseung Kwan O Industrial Estate, according to co-founder and technical director Alan Wong Yuk-chun. A similar facility could be built in the Greater Bay Area in future, he added.
Increasing constraints on rare-earth mining in mainland China and rising global demand for expensive metals – raw materials crucial to the functioning of electronic parts and low-carbon energy equipment in NEVs – have made recycling of certain metals worthwhile, he added.
“For the best part of the past two decades, the rare-earth industry has primarily used the chemicals-heavy solvent extraction technique to do large-scale processing,” said Wong. “In recent years, the emphasis has shifted to quality rather than quantity.”
Achelous’ proposed facility will be at the Advanced Manufacturing Centre in Tseung Kwan O, part of a HK$4.75 billion nine-storey centre promoted by the government as a base for technology-driven re-industrialisation of Hong Kong.
China’s global market share in rare-earth metals output slipped to about 60 per cent last year from 81 per cent in 2017, according to the US Geological Survey. Stricter environmental curbs at home contributed to the decline, while higher prices spurred new projects in the US and Myanmar.
China forms rare earths giant to protect global market dominance
23 Dec 2021
One tonne of rare-earth ore yields less than one kilogram of terbium oxide, which is used in low-energy lamps, laser devices, fuel cells and semiconductor electronic devices. The metal currently fetches about 13,000 yuan (US$1,815) per kilogram, versus an average of 8,730 yuan in 2021 and 4,695 yuan in 2020, according to Bloomberg data.
Prices are expected to average US$770 per kg this year and between US$610 and US$850 over the next three years, according to forecasts published by Statista.
Before setting up Achelous in 2020, Wong served as a senior technical manager at an environmental consultancy, managing cobalt and rare-earth elements extraction, recovery and purification projects in China.
Achelous is a participant in a start-up mentorship and partnership program of the Federation of Hong Kong Industries.
Together with researchers at the University of Hong Kong, Achelous has co-developed ion exchange methods for extracting and purifying terbium, as well as battery metals like cobalt and nickel, from rare-earth processing waste. They are seeking to patent their innovation, Wong said.
Ion exchange refers to processes of purification and separation, which involve the movement of electrically-charged molecules in water-based solutions. They require much less chemicals, with a resin typically deployed to act as a medium for ion exchange.
If the pilot project at the Tseung Kwan O site is successful, Achelous plans to set up a larger refining facility in the Songshanhu technology park in Dongguan, a mainland Chinese city about 120 kilometres northwest of Hong Kong. Achelous already has a research and development (R&D) facility there, co-founder and R&D director Shawn Cheng said.
Achelous aims to process semi-finished products from the mainland or abroad at its two facilities in Hong Kong and Dongguan into finished products with 99.99 per cent purity, he added.
In Inner Mongolia, Achelous has a facility to deploy its technology at a plant making cobalt concentrates with 50 to 60 per cent purity from waste. The facility, a joint venture with Beijing-based electronic waste recycling firm Huaxin Environmental, can process 15,000 tonnes of waste annually when completed early next year.
The first phase, built at a cost of about 20 million yuan, could potentially generate 100 million yuan of annual revenue, Cheng said.
Recycling of materials including rare earth metals, cobalt and nickel will help China meet rising demand from applications in defence, carbon emission reduction and manufacturing digitalisation, the Chinese government said in December.
By Eric Ng
Eric joined the Post in 1998 after brief stints in a trading company, and translation and editing roles at Dow Jones and Edinburgh Financial Publishing. He has over 20 years of experience covering China's energy, mining and industrial materials sectors, and has reported on China's healthcare and biotechnology sectors for three years. Currently, he leads the Post's coverage on climate change, energy transition and sustainability topics. Eric has a Masters of Business Administration
Published Date:2022-11-27
