Source: Streetwise Reports 04/22/2024
BacTech Environmental Corp. (OTC: BCCEF) announced that the president of the Board of Directors of the Mining Chamber of Ecuador has joined the green tech company's Board of Directors. Read why one expert calls the company's technology "uber-exciting stuff."
BacTech Environmental Corp. announced that the president of the Board of Directors of the Mining Chamber of Ecuador has joined the green tech company's Board of Directors.
Carolina Orozco is also the current country manager for Torata Mining Resources, a subsidiary of Challenger Exploration-Australia, and leads the El Guyabo project. She is also the co-founder of Women in Mining Ecuador, promoting female participation in the industry there.
"She will be a valuable addition to our team as we continue to introduce bioleaching to the Ecuadorian mining community" BacTech Chief Executive Officer Ross Orr said. "We have already discussed possible solutions to get environmentally non-compliant producers in Ponce Enriquez to become 'legal' from an environmental permitting perspective. We have committed to the government of Ecuador that we will only purchase concentrates from mines that are fully compliant with Ecuadorian environmental regulations for mining."
The political situation in the Latin American country continues to improve after rising drug gang violence made global headlines when gunmen stormed a live TV broadcast.
Ecuadorians voted on Sunday to support President Daniel Noboa's security measures to fight the situation, including measures allowing the military to patrol with police, extraditing accused criminals, and increasing prison sentences for crimes such as terrorism and murder, Reuters reported.
A quick count by election officials showed between 60% and 73% backed the measures.
"We have defended the country; now we have more tools to fight against crime and return peace to Ecuadorean families" Noboa posted on his Instagram account.
Investors have embraced Noboa's security stance, the news service reported.
"Noboa is making investors rethink security risk, and they are seeing him as potentially able to continue through the next election" Zulfi Ali, portfolio manager for PGIM Fixed Income's Emerging Markets Debt team, told Reuters.
Ecuadorean bonds have returned nearly 50% to investors so far this year at the index level, among the highest returns in emerging markets year to date, Reuters said.
The Catalyst: 'A Gem in Ecuador'
BacTech's bioleaching process uses naturally occurring bacteria, harmless to humans and the environment, to extract precious and base metals from ores, concentrates, and tailings. Its motto is "Our bugs eat rocks."
The rocks are like bricks in a wall, with sulfur as the mortar. The bacteria eat the sulfur, causing the wall to come crashing down.
The company has launched a new sustainable framework for issuing US$20 million in Green Bonds to pay for its plant planned in Tenguel.
"We've discovered a gem in Ecuador" Orr said. "While governments may …
