Shuttering its e-scrap arm will save EnviroMetal just under $65,000 in monthly operating costs. | Wirestock Creators/Shutterstock
Canadian precious metal recovery company EnviroMetal officially closed its e-scrap facility, completing its transition to simply licensing out its metals recovery technology to gold miners.
The sale and auction of equipment and assets at the EnviroCircuit facility, located in Surrey, British Columbia, netted the company over $1 million Canadian dollars (about $800,000 USD using July 18 exchange rates; all figures below in USD) over the past six months.
“Management is pleased to report these proceeds have funded ongoing operations and deferred the need for equity financing,” a press release stated.
The closure of EnviroCircuit will also reduce EnviroMetal’s monthly expenses by about $64,500, the press release added.
“These reductions will enable the company to allocate capital from future financings directly to commercializing the EnviroMetal Process through demonstration programs, licensing agreements and expanding the client pipeline,” the press release stated.
The EnviroMetal process is proprietary and uses a non-cyanide, water-based, neutral-pH and closed-circuit treatment process to extract precious metals from ores and concentrates.
The press release noted that any equipment at the e-scrap facility that was also usable for processing gold ores and concentrates was relocated to the primary facility in Burnaby, British Columbia.
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