President of Ecuador Signs Pre-Legislative Consultation Decree: Confirming the Start of the Final Stage of BacTech Environmental License Pursuit
Friday, December 2nd, 2022
BacTech Environmental Corporation (CSE: BAC) and (US-OTC:BCCEF) is a pioneering, environmental technology company that has developed and commercialized a proprietary technology to remediate highly toxic tailing areas resulting from abandoned mining operations.Contact
TORONTO, ON, Dec. 2, 2022 – BacTech Environmental Corporation (CSE: BAC, OTC: BCCEF, FSE: 0BT1) (“BacTech” or the “Company”), a commercially proven environmental technology company delivering eco-friendly bioleaching and remediation solutions for precious metal and critical mineral recovery, is pleased to announce that the President Lasso of Ecuador has signed the eagerly anticipated pre-legislative consultation decree on November 28, 2022 (“Decree”). This Decree will guide the formal comment for BacTech’s final community “environmental consultation” phase in order to secure its Environmental License. For BacTech, this Decree builds on the ESIA Technical approval granted by the Government of Ecuador in October 2022 and the Investment Protection Agreement signed with the Government of Ecuador in April 2022 (see October 3,2022, and May 2, 2022, BacTech news releases).
Upon completion of the comment process for the Regulation, which is expected shortly, the President of Ecuador is expected to enact the Regulation through Presidential Decree. From there, the Company expects two rounds of community consultations led by the Government of Ecuador. These community consultations are expected to be similar to the many community consultations led by BacTech since initiating plans to build a new owner-operated bioleaching facility in Tenguel, Ecuador.
According to the Ecuadorian Government’s current guidelines, after this pre-legislative consultation process, the Government will have a robust environmental consultation in accordance with the jurisprudential standards that govern the social participation process and guarantee the right of communities to active participation, which is the final component of the Environmental License.
About the Tenguel – Ponce Enriquez Bioleaching Project
BacTech is planning to build a new owner-operated bioleaching facility in Tenguel, Ecuador, in a region where arsenic is associated with gold ore (Arsenopyrite). The Company’s plan is to build a 50 tpd bioleach plant capable of treating high gold/arsenic material. A 50 tpd plant, processing feed of 1.75 ounces of gold per tonne, similar to feeds available to the Company from local miners, would produce approximately 31,000 ounces per year. Plant designs are modular and can be expanded without affecting ongoing production. The total concentrate market in the Ponce Enriquez area is estimated to be between 200 and 250 tonnes per day, allowing for increased throughput potential with a larger plant.
Key economic highlights, assuming a base gold price @ $1,600 per ounce:
- Pre-tax NPV (Net Present Value with 5% discount rate) of $60.7M
- Pre-tax IRR (Internal Rate of Return) of 57.9%
- Annual Gold Production of 30, 900 ounces
- Capital Cost of $17M
- Bioleach Operating Cost of $212 per tonne
- Assumed Purchase Prices of Concentrate – 65% of the contained gold value
- Pre-tax Earnings Prior to Employee Bonus – $10.9M annually
- Estimated local employee bonus pool – $1.64M
In total, there are over 90 small mines operating in the area. BacTech continues to investigate the prospects of establishing additional modern bioleaching facilities across other areas of Ecuador, Peru, and Colombia. Where possible, the Company will partner with national and local governments, non-governmental organizations (NGOs) and others to assist with the funding of these projects and ensure that they meet the Company’s high expectations not only for environmental standards, but also for the highest standards in all ESG considerations.
About BacTech Environmental Corporation
BacTech is a proven environmental technology company, delivering effective and eco-friendly bioleaching and remediation solutions to commercial operations to process and recover preferred metals (gold, silver, cobalt, nickel and copper) smartly and safely remove and transform harmful contaminants like arsenic into benign EPA-approved products for landfill. Tapping into numerous environmental and economic advantages of its proprietary method of bioleaching, BacTech uses naturally occurring bacteria, harmless to both humans and the environment, to neutralize toxic mining sites with high-pay potential. BacTech is publicly traded on the CSE under the symbol “BAC”; on the OTCQB as “BCCEF”; and the Frankfurt Stock Exchange as “0BT1”.
For further information contact:
President & CEO, BacTech Environmental Corporation
416-813-0303 ext. 222,
Additional Press Releases & News:
- President of Ecuador Signs Community Consultation Process Decree; Clears Path for BacTech Environmental to Pursue Final Major Permit 01-06-23
- BacTech to Present at the Sequire Investor Summit in Puerto Rico 20-04-23
- BacTech Environmental Initiates Certification Process for US$20M Green Bond Offering to Fund Bioleaching Gold Recovery Plant in Ecuador 13-04-23
- BacTech Environmental Announces First Closing of Private Placement 27-03-23
- BacTech Environmental Closes $250,000 Convertible Debenture with Strategic Investor 14-03-23
- BacTech Environmental Announces $1Million Private Placement; Retains MARS Investor Relations in Final Funding Push for Bioleaching Gold Recovery Plant Construction 13-03-23
- BacTech Environmental Closes First Tranche of Private Placement 12-12-22
- President of Ecuador Signs Pre-Legislative Consultation Decree: Confirming the Start of the Final Stage of BacTech Environmental License Pursuit 02-12-22
- BacTech Environmental Provides Project Update on Tenguel-Ponce Enriquez Plant Development 21-11-22
- BacTech Receives Environmental Impact Study Approval from Ecuador’s Ministry of Environment, Water, and Ecological Transition 03-10-22
- BacTech Environmental Begins Trading on the OTCQB Market in the U.S. 26-09-22
- BacTech Environmental Introduces Shared Land Management Program to Tenguel Small Hold Farmers 07-09-22
- BacTech Environmental Provides Environmental Permitting Update on Tenguel Bioleaching Plant Progress 15-08-22
- BacTech Environmental Signs Letters of Intent to Supply Gold Concentrates to Tenguel Bioleaching Operation 13-07-22
- BacTech Team to Advance Sudbury Pilot Plant Development for Nickel-Cobalt and Green Iron Recovery 18-05-22