Suvo Strategic Minerals has successfully raised AUD2m (US$1.33m) in a heavily-oversubscribed placement to fund the development and commercialisation of its low-carbon green cement technology. Perth-based businessmen Mario Casotti and Alberto Ferraro, owners of Western Australia's leading pre-cast and pre-stressed concrete supplier PERMAcast, contributed AUD300,000 to the raise, securing their place on Suvo’s register.
Suvo's innovative process utilises industrial waste streams, such as nickel slag and fly ash, to produce a green alternative to traditional cement. This approach eliminates the need for environmentally damaging high-temperature kilns, offering a sustainable option for the construction industry.
The capital raise consisted of 41.67m shares priced at AUD0.0048 each, with one free option for every two shares subscribed, exercisable at AUD0.0075 over two years. Suvo’s recent trials, conducted in collaboration with Makassar State University in Indonesia, demonstrated the green cement’s potential, achieving a compressive strength of 37.5MPa within seven days.
A cooperation agreement has been signed with PT Huadi Nickel-Alloy Indonesia, one of the country’s largest nickel producers, to explore commercial opportunities for nickel slag, a key raw material in Suvo’s green cement process. Suvo plans to establish satellite cement plants alongside industrial waste streams, with the goal of producing cost-competitive green cement on a global scale.
