Mr. David Kratochvil reports
BQE WATER RECEIVES RECORD $2.6 M DIVIDEND FROM CHINA JOINT VENTURE
BQE Water Inc. is reporting the receipt of an annual cash dividend of $2.6-million from its China joint venture operations. The dividend represents BQE Water's 50-per-cent share of the joint venture profit earned and reported in its consolidated financial statements for 2021.
Revenues from the joint venture operations are generated from sales of copper recovered during the treatment of mine impacted water at market prices. While dividends have been received annually since 2012, the amount for 2021 is notable as it is 160-per-cent higher than the $1-million of recent years. The dividend was also received ahead of schedule, as distribution is typically made
in the fourth quarter.
David Kratochvil, president and chief executive officer at BQE Water, commented: "Receiving this record high dividend early has helped us reach a threshold of cash reserves considered more than adequate to support all ongoing operations and projected company growth in the near term. It also puts us in a very strong financial position at a time of uncertainty in the global economy."
Songlin Ye, vice-president for Asia at BQE Water, adds: "The fast approval and processing of the dividend payment indicates that despite our inability to travel and meet with our joint venture partners in-person our partnership remains strong. And while there have been lockdowns and restrictions on domestic travel within China, the joint venture operations have continued uninterrupted throughout the pandemic as water treatment is essential for environmental protection and contaminated mine water continues to be generated regardless of mine production."
About BQE Water
BQE Water is a service provider specializing in water treatment and management for metals mining, smelting and refining. The company is helping to transform the way industry thinks about water in the context of natural resource projects by offering services and expertise which enables more sustainable water management practices and improved overall project performance at reduced risks. BQE Water invests in innovation and has developed unique intellectual property through the commercialization of several technologies at mine sites around the world for organizations including Glencore, Jiangxi Copper, Freeport-McMoRan and the United States EPA. BQE Water is headquartered in Vancouver, Canada, and trades on the TSX Venture Exchange under the symbol BQE.
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