The Chrysos Corporation Ltd (ASX: C79) share price is pushing higher on Tuesday.
At the time of writing, the ASX All Ords stock is up over 5% to $6.45.
Image source: Getty Images
Why is this ASX All Ords stock charging higher?
Investors have been bidding the assay services provider's shares higher today after it announced a deal with one of the world's largest gold miners.
According to the release, the ASX All Ords stock's international laboratory business, MSALABS, will deliver its PhotonAssay technology to Barrick Gold Corp (NYSE: GOLD) mine sites across four continents.
The partnership will commence with the deployment of three MSALABS contracted PhotonAssay units to the Nevada Gold Mines (NGM) complex in the United States, with the potential deployment of up to 10 more units to other Barrick projects by the end of 2025. This is subject to finalising due diligence.
The partnership is an extension of an already successful relationship at Barrick's Bulyanhulu mine in Tanzania and its Kibali operations in the Democratic Republic of the Congo.
'A watershed moment'
The ASX All Ords stock's CEO, Dirk Treasure, commented:
Barrick's global adoption of our technology is a watershed moment for us, underlining PhotonAssay's superiority to outdated and hazardous fire assay methods. Together with the team at MSALABS, we look forward to bringing the same operational and environmental benefits being delivered at Bulyanhulu and Kibali in Africa to more of Barrick's gold mines.
This sentiment was echoed by the Barrick Gold's Mineral Resource Management and Evaluations Executive, Simon Bottoms. He said:
PhotonAssay has already been delivering faster, safer, more accurate and environmentally-friendly analysis to our African operations, so we are more than pleased to broaden the partnership with Chrysos and MSALABS to take advantage of this innovative technology in our global operations.
The Chrysos share price has now doubled in value over the last 12 months.
