Local company in mine dump initiative

Published: 30 May 2014

Canadian-based company, NanoStruck Technologies Inc. says it has signed a non-binding Letter of Intent (LOI) with Purple Grid Trading Pvt Ltd, a Zimbabwean company whereby Purple Grid will use NanoStruck's technology for extracting gold from refractory gold tailings.

The LOI describes that Purple Grid Trading agrees to cooperate with NanoStruck for the purpose of utilizing the company's NanoMet technology to extract gold and other precious metals from the tailings that arise from mining projects accessed or owned by Purple Grid Trading in Zimbabwe.

In a statement, NanoStruck said it will receive 50% of all revenue realized from the projects in US dollars.

John Mapondera, executive chairperson of Purple Grid Trading Pvt Ltd said: "The preliminary NanoMet test results show the potential for significant recovery of precious metals from tailings which will give us a novel nano-technology solution with a strong competitive edge."

Bundeep Singh Rangar, interim CEO and Chairperson of the Board said: "This is a great opportunity for NanoStruck to demonstrate its unique technology and expertise in one of Africa's important mining economies.

"This large win for us really demonstrates the immense opportunity present for the NanoMet division."

The LOI also provides that the formal agreement shall contain mutually acceptable licensing fees and technology cost provisions.

Additionally, execution for a formal agreement is subject to satisfaction of the parties as to the feasibility of the technology to be used in relation to the first Project and the availability of financing for the first Project.

According to Zimbabwe's ministry of Mines and Mining Development, mining contributed about 20% of the country's $11 billion Gross Domestic Product and nearly 60% of its $3,3 billion worth of exports.

NanoStruck Technologies Inc. is a Canadian company with a suite of technologies that remove molecular sized particles using patented absorptive organic polymers.
- Zim Mail

Tags: Gold,