Greentech Lead Canada: BioteQ Environmental
Technologies, which specializes in the treatment of industrial wastewater,
together with joint venture partner Jiangxi Copper Company (JCC), the
largest copper mining company in China, is building an additional water
treatment plant at the Dexing Mine site, located in south-eastern China.
BioteQ will contribute to the engineering design and will
work with JCC personnel on the procurement of key process equipment. JCC will
provide all permits and manage site construction. Staff from the existing joint
venture will provide commissioning and operating services. Construction is
slated to be completed and the plant in operation by July, 2013.
Both firms have committed CDN$3.2 million for the project.
The joint venture partners will share equally in the capital costs of the plant
and in the profits generated from operations. BioteQ’s share of the capital
will be funded from the existing cash reserves of the joint venture.
Revenues from the operation of the new plant will be based
on copper recovered, identical to the joint venture’s existing copper recovery
facility at Dexing.
“We estimate that the new copper recovery plant will provide
incremental recurring revenues of between $2.5 to $3.0 million on an annual
basis for the joint venture partners based on current copper prices, of which
$1.25 to $1.5 million would accrue to BioteQ,” said Jonathan Wilkinson,
BioteQ’s chief executive officer.
“The project will provide a good return on capital for
BioteQ,” Wilkinson added. “This new project builds on the strong working
relationship that we have with Jiangxi Copper Company, and is further evidence
of progress with regards to our new strategy.”
The new plant will apply BioteQ’s patented
ChemSulphide process to selectively recover copper from mine drainage, using a
design similar to the copper recovery plant built at the site in 2008. This
plant will address the Dexing mine’s need for increased water treatment
capacity.
The plant will be designed to treat up to 24,000 cubic
meters of water per day. Annually, it is expected to treat approximately 4.6
million cubic meters of water and remove approximately 900,000 pounds of copper
from the environment, in a form that can be refined into useful products.
The copper concentrate will be sold to Jiangxi Copper
Company’s refinery at market prices, less transportation and refining costs.
The operating costs for the new plant are expected to be similar to the current
operation, which has a production cost of approximately $1.50 per pound of
copper recovered.
This is the fourth water treatment project between BioteQ
and its joint venture partner, Jiangxi Copper Company (JCC). In 2006, BioteQ
and JCC formed a joint venture to apply BioteQ’s technology at JCC’s mine
sites. To date, the partners have designed, built, and operated three water
treatment plants at the Dexing mine site, located near Dexing City in
south-eastern China.
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contract, BioteQ will provide laboratory test work, process design and capital
and operating cost estimates.