CommBank supports environmentally-friendly assaying technology with $95m Green Loan.
Having secured $95m in Green Loan funding from CommBank to support its global growth, Australian mining technology company Chrysos Corporation continues to expand the international footprint of its world-leading minerals analysis technique, PhotonAssayTM.
Headquartered in Adelaide, Chrysos creates technology solutions for the global mining industry. The company’s flagship product PhotonAssayTM, delivers fast, safe, accurate and environmentally-friendly analysis of gold, silver, copper and other elements in as little as two minutes.
The technology has rapidly displaced slower, more dangerous and costly processes to become the mining industry’s most innovative and valuable assaying technique. To date, its use across the world has eliminated 3,500 tonnes of lead and hazardous waste from the environment, and reduced CO2 emissions by more than 5,000 tonnes – the equivalent of removing 1200 cars from the road for a year.
Traditional gold analysis, known as ‘fire assay,’ has been performed for centuries by preparing small ore samples, typically 50 grams in size, with flux and then burning them in a furnace at between 1000 to 2000 degrees centigrade. This process is time consuming, dangerous, requires extensive operator training, and produces environmentally-hazardous waste and fumes.
Chief Executive Officer for Chrysos, Dirk Treasure, commented “We are excited to have embedded PhotonAssay in four continents and look forward to its further expansion over the next few years. Similarly, we are proud that our technology not only displaces an outdated practice, but through its safer and environmentally-friendly process delivers greater and more gender-diverse employment opportunities across the communities in which it operates.”
Kylie Allen, General Manager of Major Client Group at CommBank said “We are delighted to support Chrysos’ next phase of growth with this Green Loan. PhotonAssay is a fantastic story of Australian innovation being exported across the world and we are proud to support the company as it drives global uptake of this game-changing and eco-friendly minerals analysis solution.”
Chrysos Chief Financial Officer, Brett Coventry, added “The team at CommBank has provided Chrysos with an innovative funding outcome that gives us the flexibility to maintain our international expansion. We look forward to evolving the partnership with CommBank as we continue on our journey ahead.”
CommBank acted as sole Green Loan coordinator and financier. Second Party Opinion – an independent opinion on the transaction’s alignment to Asia Pacific Loan Market Association (APLMA) Green Loan Principles – was provided by DNV Business Assurance.
About Chrysos Corporation
Headquartered in Adelaide, with operations spanning Australia, Canada, Africa, and Europe, Chrysos Corporation combines science and software to create technology solutions for the global mining industry. The Company’s flagship product PhotonAssayTM delivers faster, safer, more accurate and environmentally-friendly analysis of gold, silver, copper and other elements. For more information about Chrysos or its PhotonAssayTM technology, visit: chrysoscorp.com
