Vancouver-based BioteQ Environmental Technologies Inc. (TSX:BQE) is halting planned new water treatment plants in Canada, Chile and China as its clients ratchet down development because of deteriorating global economic conditions.
Vale-Inco, Molymet and Jiangxi Copper Company are delaying projects that include the planned water treatment facility at the North Mine nickel mine in Sudbury, two planned projects at Molymet's Nos Refinery in Chile and a new plant at the Yinshan mine in China.
BioteQ has also shut down operations at its Mount Gordon plant in Australia because of a recent rainstorm that resulted in flood damage at the mine site.
Despite the slowing global economy, several BioteQ operations will continue:
a joint venture plant in Bisbee, Arizona;
a project with Jiangxi Copper at the Dexing Mine in China; and
a water treatment plant in Breckenridge, Colorado.
BioteQ plans to reduce operating costs in 2009 to improve cash flow from operations and pursue fee-based projects with key customers that aren't influenced by market conditions.
For the nine-month period ending September 30, 2008, BioteQ reported an 85% increase in revenue to $6.5 million from $3.5 million during the same period in 2007. Net loss for the period fell to $1.3 million from $3.5 million.
BioteQ's share price range during the past week: between $0.46 and $0.66; 52-week high: $4.04; 52-week low: $0.355.