Chrysos Corp continues to expand the reach of its PhotonAssay™ technology, with the company set to provide new units to Britannia Mining Solutions, Intertek and Barrick Gold’s Kibali gold mine.
This brings the total number of deployed or contractually committed units to 38, up from the previous total of 33 units, with the new lease contracts increasing Chrysos’ total contract value by A$108.6 million to A$559.8 million ($386.8 million).
Two five-year leases (with five-year renewal options) have been signed with new customer Canada-based Britannia Life Sciences to deploy PhotonAssay units across its newly formed North American subsidiary, Britannia Mining Solutions. The contract specifies the deployment of an initial two PhotonAssay units while providing the opportunity for further expansion of the agreement in the future.
Two other new lease contracts highlight Chrysos’ growing relationship with international testing, inspection and certification company, Intertek (ITK). The association, which started with the installation in 2021 of two PhotonAssay units at ITK’s Minerals Global Centre of Excellence in Perth, Western Australia, has since expanded to include another already-operating unit in Perth and the upcoming deployment of two new units on a five-year plus five-year-option contract basis for the ITK business in Ghana.
Chrysos says one recently commissioned PhotonAssay unit is now operating in Val d’Or, Canada, with MSALABS, and another unit is now fully operational in Kalgoorlie, Western Australia, with ALS, it added.
Furthermore, Barrick Gold is expanding its adoption of PhotonAssay technology, with one of MSALABS’ already-committed PhotonAssay units to be deployed to Barrick’s Kibali gold mine in the Democratic Republic of Congo. Barrick, in partnership with MSALABS Ltd, installed a Chrysos PhotonAssay laboratory at the Bulyanhulu mine in Tanzania last year.
Managing Director and Chief Executive Officer, Dirk Treasure, said: “This is an exciting time for our business as we continue to execute our expansion plans and focus on key international mining hubs.
“With increasing demand, a strong pipeline of blue-chip customers and our global market penetration continuing at pace, we feel the business is well positioned to meet its ongoing strategic and operational objectives.”
PhotonAssay, Chrysos says, delivers faster, safer and more accurate analysis of gold, silver and complementary elements by non-destructive measurement of larger and more representative samples in as little as two minutes, enabling rapid turnaround of critical operational information that drives optimisation throughout the mining value chain.
The system, originally developed at Australia’s national science agency, CSIRO, provides an environmentally friendly, chemical-free, more sustainable replacement for traditional fire assay methods, significantly reducing CO2 emissions and hazardous waste.
Chrysos went public on the Australian Securities Exchange earlier this month following a successful, fully underwritten IPO, raising A$183.5 million at A$6.50 per share.