Australian mining technology firm Chrysos Corporation has secured $95 million in Green Loan funding from CommBank to fuel its global expansion and advance its innovative minerals analysis technique, PhotonAssay.
Based in Adelaide, Chrysos develops technology solutions for the mining industry, with PhotonAssay offering rapid, safe, accurate, and eco-friendly analysis of elements like gold, silver, and copper in just two minutes. This technology has quickly replaced slower, more hazardous, and expensive methods, removing 3,500 tonnes of lead and other hazardous waste from the environment and cutting CO2 emissions by over 5,000 tonnes—equivalent to taking 1,200 cars off the road for a year.
Traditional gold analysis, known as ‘fire assay,’ has been used for centuries. It involves preparing small ore samples with flux and burning them in a furnace at 1000 to 2000 degrees Celsius, a process that is time-consuming, dangerous, and environmentally damaging.
Chief Executive Officer for Chrysos, Dirk Treasure said, “We are excited to have embedded PhotonAssay in four continents and look forward to its further expansion over the next few years. Similarly, we are proud that our technology not only displaces an outdated practice but through its safer and environmentally-friendly process delivers greater and more gender-diverse employment opportunities across the communities in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.”
Kylie Allen, General Manager of Major Client Group at CommBank said, “We are delighted to support Chrysos’ next phase of growth with this Green Loan. 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.”
Chrysos Chief Financial Officer, Brett Coventry, added, “The team at CommBank has provided Chrysos with an innovative funding outcome that gives us the flexibility to maintain our international expansion. We look forward to evolving the partnership with CommBank as we continue on our journey ahead.”
CommBank served as the sole Green Loan coordinator and financier, with DNV Business Assurance providing the Second Party Opinion on the alignment of the transaction with the Asia Pacific Loan Market Association (APLMA) Green Loan Principles.