Capital subsidiary MSALABS will use US$10 million of equity funding to continue growing its PhotonAssay laboratory network, with the firm said to be on track to roll out 21 of the Chrysos Corporation units by 2025.
Most of the funding is underwritten by London-listed drilling and mining contractor, Capital. The parent said its MSALABS stake had increased from 77.76% to 81.79%.
“MSALABS now has the largest international network of Chrysos PhotonAssay technology,” the company said.
“MSALABS’ mixture of mine site and commercial laboratories currently supports some of the largest mines in Africa as well as a wide range of customers in key gold producing regions.”
PhotonAssay is a non-destructive, faster and cheaper alternative mineral sample testing alternative to traditional fire assaying.
MSALABS is deploying units in Africa and Canada.
“While the rollout of Chrysos PhotonAssay technology will account for the majority of the growth in revenues, we continue to expand our traditional geochemical business in tandem,” it said.