Bingo Industries receives consent to build recycling facility | Finance News Network

Bingo Industries receives consent to build recycling facility

Company News

by Kathy Skantzos

Waste management company Bingo Industries (ASX:BIN) announces it has completed the Patons Lane and National Recycling Group acquisitions, and has also received approval to build an advanced recycling facility at the Mortdale resources recovery centre in Sydney.

The development consent of the Mortdale resources recovery centre increases the company’s processing capacity from 30,000 tonnes to 220,000 tonnes per annum.

Development work of the Mortdale resources recovery centre is expected to commence in February 2018 and be operational in September 2018.

Construction of Patons Lane has commenced ahead of schedule on 4 January 2018 and is expected to be operational in FY2020, with forecast EBITDA of approximately $20 million.

National Recycling Group’s EBITDA for FY2018 is approximately $6.5 million, and will increase Bingo’s network capacity by half a million tonnes per year.

Shares in Bingo Industries (ASX:BIN) are trading 0.4 per cent higher to $2.62.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.