MSALABS, a global provider of geochemical laboratory services for the exploration and mining sectors and a majority-owned subsidiary of Capital Limited, has expanded its global partnership with Chrysos Corp that will see it bolster its number of PhotonAssay™ units.
The partnership will see MSALABS deploy 21 Chrysos PhotonAssay™ units across the globe by 2025.
In April 2021, MSALABS announced its global partnership with Chrysos and revealed the planned deployment of six PhotonAssay units across its global network. This rollout commenced with a unit at Barrick Gold’s Bulyanhulu Gold Mine, in Tanzania, and represented the first Chrysos PhotonAssay unit deployment outside of Australia.
MSALABS has continued the rollout with units now commissioned at the Morila Gold Mine, in Mali (Firefinch), and in Val d’Or, Quebec, Canada. A fourth unit will arrive imminently in Yamoussoukro, Cote d’Ivoire, with facility preparations well advanced. A fifth unit is ready for shipment to the Kibali Gold Mine, in the DRC (Barrick Gold), with the sixth unit due to begin installation in Timmins, Canada, by the end of 2022.
The company has committed to a further 15 Chrysos PhotonAssay units that will be rolled out over 2023 and 2024. MSALABS says it is currently engaged with multiple mining companies globally, including most of the top 10, and continues to see “exceptional demand” for this revolutionary new technology.
PhotonAssay delivers multiple advantages over the slower, more hazardous fire assay process, according to MSALABS. The technology provides faster, safer, more accurate and environmentally-friendly analysis of gold, silver, copper and other elements. The process is significantly simpler than fire assay, dramatically improving the turnaround time for results and reducing the risk of human error, with the added benefit of being able to retain and retest samples. In addition, the use of X-rays avoids the high temperatures and harmful chemicals such as lead and acids involved in fire assay, making it more environmentally friendly with a lower carbon footprint.
Revenue guidance for MSALABS in 2022 remains circa-$30 million, which includes the rollout of the initial six Chrysos PhotonAssay units by year-end, with each unit generating $3-5 million, depending on use. Following the rollout of the further 15 units across 2023 and 2024, in conjunction with the expansion of the existing geochemistry business, MSALABS anticipates generating revenues in excess of $80 million/y.
Stuart Thomson, MSALABS CEO, said: “We are pleased to expand our relationship with Chrysos and to assist in the global rollout of its revolutionary technology. Over the past year, we have seen very strong demand for Chrysos PhotonAssay, and we expect this interest to continue to grow as our global mining customers not only gain confidence in its accuracy and reliability, but also benefit from the substantially improved turnaround time for results not possible with fire assay. In recent years we have grown our network significantly and now have 18 laboratories globally. Adding Chrysos PhotonAssay into our service offering is exciting for us and a key benefit for our customers.”