Canadian metal waste recycler Modern Mining Technology Corp has started trading on the NYSE American market after raising US$40 million via an initial public offering.
California-based Digital Offering, which describes itself as a “next-generation” technology and innovation investment bank, was the lead IPO selling agent in the US and Research Capital Corporation was the Canadian broker.
“We see electronic waste as an above-ground resource for gold, critical metals and other valuable metals, with feedstock concentrations that can be significantly higher than traditionally mined ore,” Modern Mining CEO Jeet Basi said.
“As the volume of e-waste continues to grow so does the opportunity to recover more of those materials.
“The completion of our IPO gives us the resources to advance the next stage of our growth: increasing processing capacity, expanding our operations and continuing to improve our technology. With the financing complete, our focus is on execution and scaling the business.”
Modern Mining says electronic waste generation is increasing by 2.6 million tonnes a year and could hit 82Mt by 2030. It says today’s e-waste could contain $100 billion of gold, silver, copper and platinum. “It is the largest man-made non-biodegradable waste stream in history,” the company says.
“By processing end-of-life electronics Modern Mining provides an alternative to traditional mining for sourcing valuable metals.”
Modern Mining uses a proprietary aqueous-based process to recover and concentrate gold and other valuable metals from discarded electronics. It sources e-waste from qualified suppliers and processes the material into concentrates sold as partially refined products or further processed to isolate and enrich metals for sale into US and other supply chains.
