Cordoba Minerals bags Alacran permit approval in Colombia
Designated a ‘project of national interest,’ the Alacran open pit is set to be Colombia’s largest copper mine.
(via TheNewswire)
Montreal, QC, August 29, 2024 – TheNewswire – Ecolomondo Corporation (TSXV: ECM) (OTCQB: ECLMF) (the “Company” or “Ecolomondo”), a cleantech company specializing in the commercialization of its Thermal Decomposition Process (“TDP”) proprietary recycling technology and the global deployment of TDP turnkey facilities, announces that it has released its unaudited consolidated financial statements and notes thereto and its related management discussion and analysis (“MDA”) for the three-month and six-month periods ended June 30, 2024 (the “Interim Financial Statements”). The documents are available on SEDAR at www.sedar.com
Highlights of the unaudited consolidated financial statements for the interim period ended June 30, 2024, are:
The Company had sales of $235,845 in 2024, including $126,630 in the second quarter, all generated from the sales of end-products and tipping fees;
Advances from a company under common control up to June 30, 2024 total $2,243,434;
The loss before income tax for the quarter ended June 30, 2024 was $443,418 compared to a loss of $379,897 for the quarter ended June 30, 2023, mainly due to the fact that operating expenses for the Hawkesbury facility are now expensed instead of being fully capitalized;
As of June 30, 2024, capital expenditures for the Hawkesbury TDP turnkey facility totaled $46,927,307, compared to $44,576,.468 as of December 31, 2023, net of depreciation, while to date the Company contributed $13,667,458, mainly used to build the Hawkesbury turnkey TDP facility.
During the second quarter of 2024, the Company undertook several important goals in corporate governance and financing. On May 1, 2024, the Company appointed Mr. Gary Economo as its new CEO, replacing Mr. Eliot Sorella who would take on the role of Executive Chairman and retain the role of Chairman of the Board of Directors of the Company.
As of July 1, 2024, the Company projected to use a further $3.5 million in the next 12 months, to fulfill capital purchases and working capital needs.
The Company has recently closed a $3,000,000 loan with EDC and raised through a private placement $506,660 of capital. Concurrently, the Company reached an agreement with EDC to a payment holiday for the capital and interest on the project Loan, whereby interest until February 2025 are capitalized to the Loan and the capital payments until February 2025 are postponed to the final maturity date of the Loan, May 2029
Early in the year, as the Company was deep in its ramp-up phase and gearing for its commercialization, it surprisingly became aware that its recovered carbon black milling line that it secured from a large experienced vendor, was not capable to achieve the required throughput of 1,600 lbs per hour of recovered carbon black and to produce the required particle size of 15 microns, with Hawkesbury having commitments for 100% of its end-products (oil, recovered carbon black and steel). This non-performance caught the Company by complete surprise and its final stage of commercialization had to be delayed. Having identified the deficiency, the Company immediately took action to purchase a new milling line capable of producing 2,200 lbs per hour and achieving a particle size of 10 microns, well within the requirements of all of its clients. New carbon black milling equipment has already been ordered and is expected to be delivered in mid-October 2024.
While these corrective measures are expected to cause some delay to full commercialization, management believes that installation and commissioning of the new milling line should be completed in the fourth quarter of 2024. In the meantime, the Company expects to increase shredding scrap tires, to keep performing batches, producing pyrolysis oil and recovered carbon black and sell the resulting products. In recent weeks, the Company secured offtake orders with two major international companies that purchased large quantities of its unmilled recovered carbon black, setting the stage for other offtake markets for the Company’s rCB.
About Ecolomondo Corporation
Ecolomondo Corporation is a Canadian cleantech company that prides itself after its proprietary Thermal Decomposition technology TDP which is headquartered in Québec, Canada. It has a 25-year history and during this time has been focused on its development of its technology and the deployment of TDP turnkey facilities. TDP recovers high value re-usable commodities from scrap tire waste, notably rCB, oil, syngas, fiber and steel. Ecolomondo expects to be a leading player in the cleantech space and be an active contributor to the global circular economy. Ecolomondo trades in Canada on the TSX Venture Exchange under the symbol (TSXV:ECM) and in the United States under the symbol (OTCQB:ECLMF). To learn more, visit www.ecolomondo.com
About TDP
The TDP process is technically proven and more advanced than most other pyrolysis technologies. Over the years, our Technological teams were able to overcome all uncertainties that plagued most competitors especially in these areas: pre-filtration, reactor cooling, reactor rotation, water recycling, processing of rCB, (hydrocarbon removal), mass monitoring, heat curve development, humidity and water removal, safety testing, system automation, emissions control and monitoring.
Corporate Mission, Vision & Strategy
Ecolomondo’s mission is to be a contributing participant in a dynamic Circular Economy and to increase shareholder value by producing and supplying large quantities of recovered resources to be re-used in the manufacture of new products.
Ecolomondo’s vision is to be a leading producer and reseller of recovered resources by building and operating TDP facilities, strategically located in industrialized countries, close to feedstock, labor and offtake clients.
Our strategy is to become a major global builder and operator of TDP turnkey facilities, for now specializing in the processing of ELTs. Our intent is to expand aggressively in North America and Europe. Our experience and modular technology should help us get there faster and better. We plan to keep performing ongoing research and development to ensure that Ecolomondo remains technologically advanced.
Ecolomondo’s End-Products Are ISCC Eligible
ISO Certification
The Company has obtained ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 certification of its Integrated Management System (IMS), which acknowledges Ecolomondo’s commitment for quality, environmental impact and health and safety at work.
Environmental, Social & Governance (ESG)
On the social aspect the Company plans to measure global health and safety, injury rate and gender diversity, and finally in the corporate governance aspect, the Company is measuring ethics and anticorruption, ESG reporting and board independence.
TDP is Environmentally Friendly – CO2 Reduction
By producing rCB, TDP reduces GHG emissions by 90% versus the production of virgin carbon black. The production of rCB at the Hawkesbury and Shamrock facilities are expected to reduce CO2 emissions by 22,400 and 67,200 tons per year, respectively.
Please follow Ecolomondo on Twitter, Facebook, LinkedIn, Instagram and YouTube.
Twitter: https://twitter.com/EcolomondoECM
Facebook: https://www.facebook.com/EcolomondoECM
LinkedIn: https://www.linkedin.com/company/ecolomondo/
Instagram: https://www.instagram.com/ecolomondoecm/
YouTube: https://www.youtube.com/@Ecolomondo
Ecolomondo Corporation Contact
Gary Economo
Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although Ecolomondo believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Ecolomondo disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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