As stated by the IFC, Boston Metal was founded in 2012 as a spinout from the Massachusetts Institute of Technology. The company patented the Molten Oxide Electrolysis (MOE), an electrochemical process that uses direct electric current and an anode to separate chemical compounds into their constituent parts. In 2022, BM established a subsidiary named Boston Electrometallurgical Corporation Brasil Ltda (“BMB”) in Minas Gerais, Brazil to recover high-value metals from by-products of mining and metallurgical operations that do not currently have an economically viable processing alternative due to the low concentration of the minerals of interest.

BMB is developing its project in three phases: pilot (Phase 0), industrial phase 1 (Phase I) and industrial phase 2 (Phase II). Facilities are in the municipality of Coronel Xavier Chaves, 3.5km from the urban center and 14km away from Sao Joao del Rei. In 2023, IFC invested in BM to further develop the MOE technology platform and expand operations in the United States and Brazil. Based on IFC’s supervision to date, the company’s environmental and social (E&S) performance has been satisfactory.  

IFC is considering a C Loan of US$50 million to finance industrial Phases I and II (“the Project”). The Project requires up to US$100 million in debt financing, and IFC is mobilizing the remaining balance of US$50 million in parallel loans. Upon the completion of industrial Phase II, BMB will have the capacity to produce over 11,000 tons per year of high value metals, including ferro tin (FeSn), ferro tantalum niobium (FeTaNb), ferro tantalum (FeTa) and ferro niobium (FeNb).

Phase I will include one electric furnace 3MVA and one electrolytic cell of 60kA (MOE) for processing approximately 7000 tons of metallurgical slag annually; Phase II will add one additional electric furnace 18MVA and four 300kA electrolytic cells (MOE) that will increase processing capacity to over 81 000 tons of slag per year. Charcoal will be used to produce part of the energy needed for the electric furnace and limestone will be used as a fluxing agent to remove impurities in the process. Processed steel scrap will be added to adjust the Fe content in both FeNb and FeTa alloys, ensuring the desired composition. Two transmission lines will connect the new facility to the national power electrical grid, located approximately 1.3km from the site. The project will use slag, a byproduct of mining and metallurgical processes primary composed of metal oxides and silica and up to %5 of naturally occurring radionuclides, namely Uranium and Thorium. After MOE processing, sludge (that is, the slag remaining from the MOE process) will still contain valuable oxides such as Zirconium and Rare Earth Metals that could be recovered in the future once appropriate technology becomes available.  Phase I is currently under construction and operations are expected to start in the second semester of 2025. Operations of Phase II are anticipated to commence in 2026. In the production process, the slag will be dried before being fed into an electric arc furnace for melting and where FeSn ferroalloy will be produced. The molten slag will be then transferred to an electrolysis cell to produce ferroalloys such as ferro tantalum niobium (FeTaNb), ferro tantalum (FeTa) and ferro niobium (FeNb). After MOE electrolysis, the sludge will be solidified, dried, and sent back to the slag owner. Recovered ferroalloys can be poured into ingots or other forms and temporarily stored for shipment to customers.                                                  

As stated by the IFC, the estimated total cost of the Project is US$217 million. Of this amount, lenders are expected to contribute US$100 million, while the remaining funds will be sourced from equity and generated cash flow.

IFC is considering a C-Loan of US$50 million with a 10-year term and a 2-year grace period to support BMB's Project. Moreover, IFC is mobilizing additional US$50 million in parallel loans.

As stated by the IFC, the Company’s Sponsor is Boston Electrometallurgical Corporation, founded in 2012 in Woburn, Massachusetts, USA. Boston Metal boasts Tier 1 investors, including Microsoft, Aramco, BMW, Breakthrough Energy Ventures, Vale, BHP, and IFC.

General IFC Inquiries - IFC Communications

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Boston Electrometallurgical Corporation Brasil Ltda:

Tadeu Carneiro - Chairman & CEO
Phone: +1 (781) 281-7657
Email: Tadeu@bostonmetal.com
Address: Rod. Ver. João Vicente Viêira - Camargos, Cel. Xavier Chaves - MG, 36330-000
Website: https://br.bostonmetal.com/ 

ACCESS TO INFORMATION

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If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

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The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org