2013/3/5 - GTSO Takes its Urban Mining Initiatives International with Chilean LOI

Chilerecicla was founded in 2009 and opened the first e-waste recycling plant in Southern Chile. Based in the city of Chillán, 400 kms south of Santiago, Chilerecicla specializes in the direct removal of electronic waste from clients’ offices facilities for transport to its central plant as well as the sale of reusable materials. From handheld mobile devices to aerospace instrumentation, the company is capable of safe removal of a wide variety of e-waste (including hazardous materials) for reuse.

“We’ve targeted Chile for investment for some time now due to the extremely favorable market conditions we’ve identified there, including strong government support,” said GTSO CEO Paul Watson. “The country has bounced back strong from the global recession, and its fledgling recycling industry is open for business. Limited access to credit has prevented any single company there from establishing a dominant market position in the urban mining sector, however.

“With funding and assistance from GTSO, we envision Chilerecicla potentially emerging as the leader of the pack in a nation where demand for e-waste recycling is growing at an unbelievable rate,” he added.

GTSO has thoroughly scouted business opportunities in Chile due in part to its high rate of industrialization and local government support. The nation enjoys easy access to cheap raw materials for processing—such as discarded mobile phones—from neighbors including Peru, Ecuador and Bolivia with few processes and regulations for e-waste management.

“Right now, much of Latin America’s hazardous e-waste ends up in the trash,” Watson said. “We’re interested in turning that trash into cash and applying this company’s best practices to our U.S. operations, as well.”

Urban mining is key to GTSO’s plans to compete alongside major international corporations striving for sustainable waste solutions, such as Industrial Services of America (NASDAQ: IDSA) and Sims Metal Management Ltd. (NYSE: SMS). Late last year, GTSO acquired the company Green Urban Mining to handle its domestic recycling and resale operations.

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Green Technology Solutions, Inc.
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President and CEO
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