Our Australian company, Carbozorb Pty Ltd, currently holds six Mineral Exploration Licence applications in inland New South Wales, encompassing a total area of 2711 km2. These licenses cover both the Great Serpentine Belt and the Coolac Serpentinite Belt, which consist of magnesium-rich ultramafic rocks capable of reacting with CO2. Within these areas, we have identified both surface-level and buried serpentinite, making them suitable for either in situ or ex situ mineralisation, depending on the depth of the ultramafic rock.
As part of our operations, we are actively assessing potential sources of CO2 emissions proximal to the resource areas. Our aim is to capture and mineralise the CO2 on-site. Alternatively, we are also considering the option of direct air capture (DAC), as a source of CO2 for carbon mineralisation. However, it’s worth noting that the DAC process requires an energy input, and in this regard, we are currently evaluating the feasibility of utilizing solar power as a renewable energy source to power DAC in New South Wales.
We view the utilization of renewable energy for CO2 capture and mineralisation as a significant opportunity to generate carbon credits for Australian industries that emit CO2 and develop negative emission capacity.