- Mineworx Technologies (TSXV:MWX) has signed a letter of intent with Davis Recycling to advance its catalytic converter recycling business
- Under the agreement, Mineworx and Davis will build and operate a commercial recycling plant for catalytic converters
- The facility will utilise the technology licensed by EnviroLeach Technologies
- The partnership will be a key element in the Mineworx’s expansion efforts in the US market
- Mineworx Technologies (MWX) is currently up 6.25 per cent to 8.5 cents per share, with a market cap of $26.44 million
Mineworx Technologies (TSXV:MWX) has signed a letter of intent with Davis Recycling to advance its catalytic converter recycling business.
Based in British Columbia, Mineworx uses its patented technologies to deploy cost-effective metallurgical extraction processes.
One of its most significant sectors operates in the recycling of catalytic converters, which use platinum and palladium to reduce toxic by-products from gasoline and diesel engines.
However, with the price of palladium per ounce now considerably more than the price of gold, a greater focus is being put on more efficient recycling methods for these metals.
Currently, less than 30 per cent of the platinum and palladium contained in catalytic converters is recovered each year. But with Mineworx’s proprietary technology, the recovery rate can be up to 90 per cent.
Under the proposed agreement with Davis Recycling, the two companies will develop, build and operate a commercial pilot plant specifically for the recovery of platinum group metals (PGMs) from catalytic converters.
The plant will be located on Davis’s 12-acre property in Tennessee, and will feature technology licensed to Mineworx by EnviroLeach Technologies.
Greg Pendura, President and CEO of Mineworx, said that he is pleased to strike a partnership with a major US player like Davis.
“The current global market for recovered PGMs from catalytic converters in in excess of C$30 billion annually.
“Establishing a leading North American partner in this space provides a significant opportunity for Mineworx to introduce an eco-friendly and commercially viable alternative to the oversea smelters currently used in the processing of catalytic converters for valuable PGMs,” he added.
Mineworx said that the letter of intent forms a key pillar in its US development strategy. Upon the completion of a definitive agreement, the company will have solidified the feedstock procurement, material processing and logistical planning sectors of its business strategy.
Mineworx Technologies (MWX) is currently up 6.25 per cent to 8.5 cents per share at 3:02pm EST.