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EDMONTON, Alberta, June 24, 2021 (GLOBE NEWSWIRE) -- Mineworx Technologies Ltd., (the “Company” or “Mineworx“) (TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) announced today that its wholly owned subsidiary Mineworx USA Inc. has signed a Joint Venture Operating Agreement with Davis Recycling Inc. “Davis” of Tennessee.
The signing parties will immediately form a new company to be called PGM Renewal LLC with Mineworx USA having a 55% equity position and Davis owning 45%.
Mineworx will be responsible for providing its technologies and processes under the Joint Operating Agreement and Davis will be responsible for supply chain management and material preparation of diesel catalytic converters.
Profits earned from the recovery of platinum and palladium contained in used diesel catalytic converters will be distributed to the partners proportionate to their respective ownership interests.
“We are pleased to formalize the partnership we have with the team from Davis that has been developed over the last year of research and testing,” said Greg Pendura, President and CEO. “This partnership combines the Davis supply chain and logistical expertise with the technology developed by Mineworx for a truly world class operation.”
“We’re extremely pleased to finalize the partnership with Mineworx for this very important initiative,” stated Ben Davis, CEO of Davis Recycling. “The extraction of platinum and palladium from diesel catalytic converters has been top of mind for a very long time and we believe that Mineworx’s environmentally-friendly solution is a perfect fit for us.”
Mineworx is positioned for growth in the catalytic converter and mining sectors through the development and commercialization of its proprietary, environmentally friendly processing technologies for the recovery of precious metals. Initial focus is the extraction of platinum and palladium from diesel catalytic converters with its partner Davis Recycling and will be building its first commercial extraction facility in Tennessee, USA. The company is also furthering the development of a historic iron ore concession which it holds a 100% interest in South-Eastern Spain. For further information go to www.mineworx.net
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
MINEWORX TECHNOLOGIES LTD.
The Howard Group