Mineworx Technologies Ltd (CVE:MWX) (OTCMKTS) said Wednesday that it has signed a letter of intent with EnviroLeach Technologies Inc (CSE:ETI) (OTCMKTS:EVLLF) to develop and utilize EnviroLeach’s patented technology to recover platinum group metals (PGM) from catalytic converters.
After signing a definitive agreement with EnviroLeach, Mineworx will fund, in phases, the further development of EnviroLeach’s technology to tailor it to recover platinum group metals, including bench and pilot-scale test work. Mineworx will also have the option to “finance, construct, own and operate” a proposed commercial production facility to process end-of-life catalytic converters utilizing EnviroLeach’s proprietary technology under license.
EnviroLeach is engaged in the development and commercialization of environmentally friendly formulas and technologies for the treatment of materials in the mining and recycling sectors. Using its proprietary non-cyanide, water-based, neutral pH treatment process EnviroLeach extracts precious metals from ores, concentrates, and E-waste using only FDA approved additives and ambient temperature water.
READ: Mineworx Technologies Ltd gets second US patent for mobile modular gold mining extraction process
In a statement, Mineworx Technologies CEO Greg Pendura, said the company was very pleased to launch the initiative, which has “significant potential” within “the PGM market in excess of $30 billion annually.”
“We are confident that with the support of the EnviroLeach team and their proprietary technology, we will be able to develop an eco-friendly and commercially viable process to extract and market platinum group metals for future use,” said Pendura.
The completion of the transactions proposed under the letter of intent is subject to a number of conditions, said the company, including the “execution of a definitive agreement and license agreement.”
EnviroLeach’s technology is emerging as a potential new standard for the provision of eco-friendly methods for the hydrometallurgical extraction of precious metals in both the conventional mining and E-Waste sectors.
Meanwhile, Mineworx is a leading provider of proprietary, cost-effective and non-toxic precious metals extraction solutions to the mining industry as well as to the E-Waste industry, through its collaboration with EnviroLeach Technologies.
Mineworx is positioned for growth through partnerships with advanced mining projects as well as E-Waste opportunities.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive