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BacTech Environmental receives approval for bioleach processing facility in Ecuador

Published by , Editorial Assistant
Global Mining Review,

BacTech Environmental Corporation, an established environmental technology company specialising in eco-friendly bioleaching and remediation solutions for precious metal and critical mineral recovery, has announced the official granting of the Environmental License by Ecuador’s Ministry of the Environment.

This approval allows BacTech to move forward with plans to develop a bioleach processing facility in Tenguel and follows the successful completion of the community consultation process and subsequent sign off by the Minister of the Environment.

With all major permits now secured and in place, BacTech will finalise the terms with Analytica Securities to launch the previously announced US$20 million Green/Social bond issue to finance the construction of the bioleach plant at Tenguel. Of the total funds raised, approximately US$17 million will be allocated to the capital portion of the bioleaching facility construction, with the remaining US$3 million dedicated to financing the purchase of concentrates from local miners and supporting the local economy.

Ross Orr, President, and CEO of BacTech, expressed his enthusiasm: “Our shareholders are aware that this significant project has been years in the making, and we are very happy to announce the approval of our permits. We would like to commend Minister Davalos (Environment) for his efforts in achieving this milestone for BacTech. With the full support of the local community and government stakeholders, we can confidently proceed with the plant financing.” The company has also indicated its deliberation on a private placement of common shares with the aim of securing extra equity for the project and bolstering its working capital.

Once completed, the facility is expected to become South America’s largest and most efficient bioleaching plant. It will utilise naturally occurring bacteria that are harmless to both humans and the environment for treating gold and silver-containing materials with high arsenic levels.

To ensure transparency and adhere to global best practices, BacTech has launched its Sustainable Bond Framework for issuing Green and Social bonds, aligning with the International Capital Market Association’s (ICMA) Green Bond Principles (GBP) 2021 and Social Bond Principles (SBP) 2023. Additionally, the company has received an independent Second Party Opinion (SPO) from Moody’s Investors Service, granting BacTech a Sustainability Quality Score of SQS2 (Very Good), recognising the company’s significant contribution to sustainability.

BacTech remains steadfast in its commitment to achieving environmental and social objectives, while delivering long-term value to shareholders and stakeholders. The Green/Social Bond offering marks a significant step in this direction.

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South American mining news