Extracting value from tailings streams: CNRL and Titanium Corp inch closer to commercialization
In this week's fourth quarter earnings release, Titanium Corporation says it continues to make "excellent progress" on the commercialization of CVW™️ technology, designed to recover bitumen, solvents and valuable minerals from oil sands tailings streams.
The company has partnered with Emissions Reduction Alberta and Canadian Natural Resources (CNRL) to design and construct a pilot plant at CNRL's Horizon Mine. Titanium Corp says Front End Engineering Design (FEED) is now underway, and contracts are expected to be awarded in March. Engineering should begin in April and be completed by the end of the year.
As part of its plan to commercialize the technology, the company also says it has retained a number of consultants and technical firms to assist with engineering, project management, regulatory approvals and marketing of minerals extracted from the tailings streams.
Total costs for the pilot project are estimated at $10.2 million. So far, funding has been sourced primarily from various levels of government, CNRL as well as the company's internal funds. The Calgary-based firm says it is planning an "active investor outreach campaign" this year to help drum up support from the investment community. However, the company warns it will continue to incur losses until "commercial arrangements and investment decisions are made and facilities are constructed and are operating."