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Green Tech Co. 'Pleased' With Election Results in Ecuador

Source: Streetwise Reports


October 18, 2023 ( Newswire) Ecuador's election finally has a winner. Find out why this green technology company seeking approval for a groundbreaking bioleaching plant there likes the results.

As BacTech Environmental Corp. (BAC:CSE;BCCEF:OTCQB;OBT1:FRA) continues to wait out a decision from Ecuador's Constitutional Court on the fate of the environmental consultation process for its bioleaching plant there, the Latin American country has elected a new president.

The son of a banana tycoon, president-elect Daniel Noboa's family is considered the richest in the country and has invested in Canadian junior mining company Adventus Zinc Corp.

"We are pleased that Mr. Noboa won the election yesterday in Ecuador," BacTech President and Chief Executive Officer Ross Orr told Streetwise Reports on Monday. "As a pro-development candidate, our hope is he gets Ecuador back on the right path to security and prosperity for all Ecuadorians."

Orr has written that he believes it's "reasonable to assume that (Noboa) would be supportive of resource development."

Crime topped the agenda of the race, which saw the assassination of candidate Fernando Villavicencio, an anti-corruption journalist.

More than 10 million people voted in the runoff election, CNN reported. Data from the National Electoral Council of Ecuador (CNE) showed Noboa had 52.3% of the vote compared to rival Luisa Gonzalez, who had 47.7%.

Noboa, 35, who will be Ecuador's youngest president, was a lawmaker before current President Guillermo Lasso dissolved the government this year.

Analysts said Noboa will have an uphill struggle to tackle Ecuador's security problem and its poorly performing economy during his limited time in office, the BBC reported. He will only serve out the remainder of Lasso's term to 2025 instead of a full four years.

"Mining has to be a big part of Ecuador's future," Orr said in a video the company released on social media. "They need hard dollars, and obviously, the best way for them to get it is through national resource development."

The Catalyst: Court's Decision Could Come Any Day

BacTech received its construction permit and approval from the government for its environmental impact study on the site but has been working through the community consultation phase for its final environmental permit.

The temporary suspension came after an initial complaint filed by the indigenous group CONAIE, or the Confederation of Indigenous Nationalities of Ecuador. In addition to the suspension of the process, several lawsuits have been filed against the decree.

The Constitutional Court's decision could come any day now.

The Tenguel project "enjoys overwhelming support in the local communities," wrote BacTech shareholder and editor of The National Investor Chris Temple.

The company is "a poster child for what is legitimately a green cause," Temple said. "I believe that it should be a simple matter for the Constitutional Court to toss out CONIAE's latest nuisance suit."

'A Gem in Ecuador'

The company recently launched a new sustainable framework for issuing US$20 million in Green Bonds to pay for the plant.

"We've discovered a gem in Ecuador," Orr said. "While governments may change, environmental issues persist until addressed. I firmly believe that Ecuador is just the first in a series of successes that will follow once we demonstrate the capabilities of our technology."

Orr said he also recently attended a green conference in Mexico with the Ontario government, and there is also potential for the company to expand there.

"There are belts in Mexico where arsenic is an issue," Orr said in another new video on social media. "Remember, we're the only idiots who go looking for arsenic. And so, we pretty much own that market right now."

Technical Analyst Clive Maund of also rated BacTech an Immediate Buy in March.

Naturally Occurring, Harmless to Humans

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.

For the feed going into the plant, there are 90 small mines in the area that produce significant amounts of arsenic with gold in the area. The plant would process about 30,900 ounces gold (Au) per year. There is potential for expansion; the total availability of materials in the area is an estimated 250 tonnes per day.

Ownership and Share Structure

Nearly half of the company, 49%, is held by insiders, management, and strategic shareholders, the biggest of which is Option Three Advisory Services Ltd., which owns 8.48%, or 15.57 million shares, according to Reuters. That also includes CEO Orr, who owns 3.57% or 6.54 million shares, and Board Director Timothy Lewin, who owns 0.54% or 0.98 million shares.

The rest is retail.

The company has 185.36 million shares outstanding, including 159.12 million free floating. Its market cap is CA$15.76 million, and it trades in a 52-week range of CA$0.10 and CA$0.055.

More Info: Newswire

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