An initial public offering has raised $40 million for Modern Mining Technology Corp. as the company looks to bring its critical mineral recovery technology to market.
The company sold 9.41 million common shares at $4.25 each to raise the money. The funds will help the company scale its critical mineral recovery technology, President and CEO Jeet Basi said.
The company’s aqueous-based process recovers and concentrates gold and other metals from e-scrap. Materials sourced from qualified suppliers are processed into concentrates that can be sold as partially refined products, or further treated to isolate and enrich metals to then be put up for sale.
“We see electronic waste as an above-ground resource for gold, critical metals and other valuable metals, with feedstock concentrations that can be significantly higher than traditionally mined ore,” Basi said. “As the volume of e-waste continues to grow, so does the opportunity to recover more of those materials.”
The money will help Modern Mining become another domestic source for critical minerals, aligning with federal initiatives to secure the mineral independence of the country. With the government authorized to enact export restrictions on minerals, development like this is needed to bolster the nation’s future supplies, Basi said.
The technology can extract gold, palladium, silver, copper and potentially 30 other metals, Basi said; the money will help fund development of procedures to expand the mineral portfolio over time. The process involves cutting and shredding e-scrap to free the minerals inside. Gravity separation concentrates the metals while separating other elements, and the resulting powder is isolated via the proprietary aqueous purification process. The process avoids most incineration
“The completion of our IPO gives us the resources to advance the next stage of our growth: increasing processing capacity, expanding our operations and continuing to improve our technology,” Basi said. “With the financing complete, our focus is on execution and scaling the business.”
Modern Mining is building a processing facility in Greenville, North Carolina. The company didn’t immediately reveal when it may become commercially viable or other potential development goals.
The North Carolina-based company will begin trading Nov. 13 under MDRN on the New York Stock Exchange.
