PyroGenesis Canada Inc. (TSX:PYR, NASDAQ:PYR) announced that it has been selected by an international producer of magnesium metal to test the company’s zero-emission plasma torches as part of its process for transforming mining waste and recycled minerals into high-value metal.
The Montreal-based high-tech company that designs, manufactures, and sells advanced plasma processes said at this time, the name of the client remains anonymous for confidentiality reasons.
“This agreement continues to underscore the applicability, and timeliness, of PyroGenesis’ offerings within the primary and secondary metal production industries,” PyroGenesis Canada CEO Peter Pascali said in a statement.
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“After our ground breaking efforts in introducing our state-of-the-art technology to the iron and steel industry – the world’s most used metal – and our rapid growth in doing the same for the aluminum sector – the world’s second most popular metal – we are now targeting sector solutions for magnesium, the third most-used metal,” Pascali added.
The company noted the contract outlines two separate initiatives, occurring at different points in the process. First, at the request of the client, PyroGenesis has developed a method to clean and decontaminate particulate matter produced during primary magnesium production. The cleaning of this by-product – a hydrocarbon – is key to the client’s strategy to produce magnesium using the most sustainable methods available, the company said, which will allow the client to achieve their goal to scale their operations while, at the same time, decreasing their environmental impact.
It added that the expectation is to conduct internal tests to remove any remaining uncertainties in the proposed concept, after which PyroGenesis will complete the detailed design to allow the implementation of the solution by PyroGenesis on-site at the client’s facility.
The second initiative, according to PyroGenesis, is to process the metal waste stream known as dross, for the purpose of recovering valuable metal. Currently, as with many magnesium producers, the client’s dross is cleaned for storage, or disposal, with no efforts made to salvage remaining metals. With PyroGenesis’ expertise in recovering high-value metal from dross in other industries (such as aluminum), the company said it believes it can provide significant value to the client while decreasing its environmental impact.
The company also noted it believes it has the solution to the specific challenges posed by magnesium, potentially opening up a large opportunity for growth.
PyroGenesis added that it has already received a small purchase order for the cleaning and decontamination initiative, with a fourth-quarter 2022 targeted end date for the conceptual testing.
PyroGenesis is a high-tech company that designs, develops, manufactures, and commercializes advanced plasma processes, high-quality plasma atomized metal powder for 3D printing and additive manufacturing, and sustainable solutions which are geared to reduce greenhouse gases.
Contact Sean at sean@proactiveinvestors.com