When I was in high school back in the 60's I worked in a fairly large machine shop, about 100 machinists, and I had the very important jobs like sweeping the floors and cleaning the sludge out of the machines. Some really gross looking and smelling stuff. Back then we just dumped the stuff out back which was pretty much a swamp (I think they are called "meadows" or "wetlands" today.) One interesting consequence was the swamp never froze in the winter, even years after the shop closed. I am quite sure that was just a coincidence!
I know one thing. I won't be using coolant unless I have someone else to clean out the tanks. I was done with that 40+ years ago.
John