Funding from CommBank allows company to maintain its international expansion
Australian mining technology company Chrysos Corporation has secured $95 million in Green Loan funding from CommBank to support its global growth and the expansion of its minerals analysis technology, PhotonAssay.
Headquartered in Adelaide, Chrysos specialises in technology products for the global mining industry. Its flagship product, PhotonAssay, offers fast, safe, accurate, and environmentally friendly analysis of gold, silver, copper, and other elements in as little as two minutes.
PhotonAssay has gained traction in the mining industry, replacing traditional, slower, and more hazardous methods of assaying, such as fire assay. The use of PhotonAssay globally has eliminated 3,500 tonnes of lead and hazardous waste and reduced CO2 emissions by more than 5,000 tonnes—equivalent to taking 1,200 cars off the road for a year.
Traditional fire assay methods, which have been in use for centuries, involve burning small ore samples at temperatures between 1,000 and 2,000 degrees Celsius. This process is time-consuming, hazardous, and produces toxic waste.
“We are excited to have embedded PhotonAssay in four continents and look forward to its further expansion over the next few years,” said Dirk Treasure (pictured above left), chief executive of Chrysos. “Similarly, we are proud that our technology not only displaces an outdated practice, but through its safer and environmentally friendly process delivers greater and more gender-diverse employment opportunities across the communities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.”
CommBank served as the sole Green Loan coordinator and financier for the deal. DNV Business Assurance provided a second party opinion on the transaction’s alignment with the Asia Pacific Loan Market Association’s Green Loan Principles.
“The team at CommBank has provided Chrysos with an innovative funding outcome that gives us the flexibility to maintain our international expansion,” said Brett Coventry, chief financial officer at Chrysos. “We look forward to evolving the partnership with CommBank as we continue on our journey ahead.”
Kylie Allen (pictured above right), general manager of the major client group at CommBank, expressed pride in supporting Chrysos’ global expansion.
“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,” Allen said.
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