MONTREAL, June 26, 2024 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (https://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company (the “Company” or “PyroGenesis”) that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, is pleased to announce the receipt of a USD$3 million (CAD$4.1 million) payment of an outstanding receivable under the Company’s existing CAD$25+ million Drosrite™ contract.“The payment announced today is made in accordance with a payment schedule that has been revised over time to better align to the pressures on the end-client’s operating cash flows created by increased business opportunities,” said Mr. P. Peter Pascali, President and CEO of PyroGenesis.As previously announced, PyroGenesis contracted with Drosrite International LLC, which was in turn contracted by Radian Oil and Gas Services Company for an order of seven (7) Drosrite™ aluminum dross recovery systems. The first three systems were manufactured by the Company and delivered and are in full commercial operation for the Ma’aden aluminum plant in Ras Al-Khair Saudi Arabia, a joint venture corporation with Alcoa. The facility at Ras Al-Khair is known to be the largest and most efficient vertically integrated aluminum complex in the world and boasts one of the world’s largest smelters1.
The remaining four Drosrite™ systems under the contract have already been manufactured and are expected to be delivered to the end client’s operations in Saudi Arabia.
Alcoa to Get $1.1 Billion for Stakes in Saudi Aluminum Plants
By Bloomberg
Sep 15, 2024
Saudi Arabian Mining Co. will wholly own its aluminum business, and Alcoa will hold a 2.2% stake in Maaden once the deal is completed.
(Bloomberg) -- Alcoa Corp. will receive $1.1 billion in cash and stock in Saudi Arabian Mining Co. as part of a deal that will involve the Pittsburgh-based firm selling its stake in two metals plants in northern Saudi Arabia.Maaden, as the Saudi firm is known, signed a deal with Alcoa to purchase its holdings in a bauxite facility and an aluminum smelter for 563 million riyals ($150 million) in cash and 3.6 billion riyals of stock in the Riyadh-based miner, according to a statement Sunday. Maaden will wholly own its aluminum business, and Alcoa will hold a 2.2% stake in Maaden once the deal is completed.\“The transaction simplifies our portfolio, enhances visibility in the value of our investment in Saudi Arabia and provides greater financial flexibility to Alcoa, an important part of improving our long-term competitiveness,” Alcoa Chief Executive Officer William Oplinger said in the statement.Alcoa formed a joint venture with Maaden in 2009 to develop a $10.8 billion bauxite mine, refinery, smelter and other facilities. It was part of a push by Saudi Arabia to diversify beyond oil production and exploit the country’s other natural resources.Maaden has since become an important part of the kingdom’s strategy to develop into a key supply chain and processing hub for metals and minerals needed for the energy transition, including for electric vehicles. Maaden formed a joint venture with Saudi Arabia’s powerful sovereign wealth fund to invest in minerals around the world, and signed its first deal last year involving the acquisition of a 10% stake in Vale SA’s base metals unit.
GOOD LUCK TO ALL PYROGENESIS CO-OWNERS.