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Modern Mining shares began trading on the NYSE American Friday under the ticker symbol “MDRN,” following the successful completion of its approximately $40 million initial public offering (IPO).
The company, which recovers gold, silver, copper, palladium, and other valuable metals from electronic waste using a proprietary aqueous-based process, is preparing to commercialize its electronic waste processing technology as the US looks to keep more critical mineral-bearing material at home and reduce its reliance on foreign supply chains.
“The world needs more gold, silver, copper and other critical metals, but traditional mines take years to move into production and require significant capital,” CEO Jeet Basi said in a news release.
“We start with valuable metals that are already above ground, sitting inside the electronics the world throws away every day. Our feedstock already exists. Our process has been successfully demonstrated,” Basi said.
“Our NYSE American listing gives us a strong platform to pursue a significant opportunity in metals recovery, and the capital from our IPO allows us to increase capacity and process more material.”
Modern Mining’s stock closed Friday down 3.5% on the NYSE American. The company has a $36.1 million market capitalization.