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Be the first with the news that moves the market- Water Ways Technologies (WWT) has received an order for a water supply system, from a gold mine in northern Ethiopia
- The water supply system will deliver water from wells to the Meli Gold mine, using a unique pumping system
- The order for Water Ways’ system, valued at C$325,000, is backed by an Irrevocable Letter of Credit
- The company expects to recognise revenue from the project in the last quarter of 2020
- Water Ways Technologies (WWT) is up 8.33 per cent and is currently trading for 6.5 cents per share
Water Ways Technologies (WWT) has received an order for a water supply system, from a gold mine in northern Ethiopia.
As an agtech company, Water Ways usually designs, supplies, and installs irrigation systems for agricultural and aqua-cultural operations. The company’s water supply system uses a unique pumping method to draw water from available sources, and deliver it for various uses.
The Meli Gold mine has made the order for the system, which will deliver water from available wells to the mine. The order and project are both backed by an Irrevocable Letter of Credit at sight.
The waste supply system has a value of C$325,000. Water Ways expects to recognise revenue from this project sometime in the last quarter of 2020.
This latest order is indicative of the company’s increasing activity in Ethiopia. Water Ways’ existing projects in the African nation provide water supply, irrigation, and greenhouses for vineyards and wineries, fruit and vegetable crops, moringa crops, and industrial plants.
This may be the company’s first application of its technology within the mining sector. Water Ways’ Chairman and CEO, Ohad Haber, commented on the company’s ongoing business expansion in Ethiopia.
“Our business in Ethiopia is really expanding, and we are pleased that our previous projections regarding sales in Ethiopia will be met as this new contract with all the existing contracts for the supply to Ethiopia, for the period commencing January 2020, are in excess of CAD $1 million,” he said.
Water Ways Technologies (WWT) is up 8.33 per cent and is trading for 6.5 cents per share at 10:56am EDT.
