PyroGenesis Canada Inc. (TSX:PYR, OTCQX:PYRGF) announced that it has received a US$3 million (C$4.1 million) payment for an outstanding receivable under its existing C$25 million Drosrite contract.
“The payment announced today is made in accordance with a payment schedule that has been revised over time to better align to the pressures on the end client’s operating cash flows created by increased business opportunities,” PyroGenesis CEO P Peter Pascali said in a statement.
The company was contracted by Drosrite, which was in turn contracted by Radian Oil and Gas Services Company, for an order of seven Drosrite aluminum dross recovery systems.
It said the first three systems manufactured and delivered are in full commercial operation for the Ma’aden aluminum plant in Ras Al-Khair Saudi Arabia, a joint venture corporation with Alcoa (NYSE:AA).
The remaining four systems under the contract have been manufactured and are expected to be delivered to the end client’s operations in Saudi Arabia.
PyroGenesis highlighted that developing Drosrite aluminum recovery systems is part of its three-tiered solution ecosystem that aligns with the economic drivers key to the global heavy industry.
Dross recovery is part of its Commodity Security and Optimization tier, which focuses on the recovery of viable metals and optimization of production to improve the availability of critical minerals.