Aqua Metals Inc (NASDAQ: AQMS) was a big loser on Monday’s trading session. This followed news that, the company had experienced a fire at its plant on the 29th of November. The company announced that the fire happened in the AquaRefining section of the plant in the evening hours, but no one was injured.
The company also announced that it was yet to identify the cause of the fire. However, it stated that, it was working with local authorities to establish the cause. On top of that, it announced that there was major damage and that there was significant material damage. The company stated that, all of its 16 AquaRefining modules were damaged. Other aspects to the plant that were damaged include the over 1600 gallons of AquaRefining concrete. This was due to a tank getting damaged by the heat.
The company’s assessment shows that the damage may cause a delay in the resumption of activities. The CEO, Steve Cotton stated that, the company had lost about $50 million in property and business continuity. He added that, they were reviewing insurance coverage
On the bright side, the company announced that the liquid that was spilled due to the fire was contained in the plant. The company further stated that, measures to recapture that liquid were underway. In addition, the company’s firewall, protected the front-end part of process equipment among other essential aspects of the equipment.
Looking at the charts, Aqua metals Inc opened Monday’s trading session with a gap down to close at a loss of 39.96%. Volumes in the day stood at 3.68 million.
About Aqua Metals Inc
Aqua Metals Inc is an American company that recycles lead metal. The company has its headquarters in McCarran, Nevada.