News News
Contact us
  • Customer service number:64321087
  • Commercial service telephone:13918059423
  • Technical service telephone:13918059423
  • Contact person: Mr. Cui 
  • Service
  • Address: room 107, building 8, no. 100, guilin road, xuhui district, Shanghai

Geomega gets backing for rare earths recycling project

The date of: 2020-02-10
viewed: 2

Geomega Resources (TSX.V: GMA) has secured the required project financing to build the rare earths magnet recycling demonstration plant in St-Bruno-de-Montarville, Quebec.

Investissement Quebec, acting as agent of the Quebec government, will provide C$1.72 million in debt financing to Geomega based on a project evaluated at C$3.2 million including capital costs and working capital. The debt is repayable over 72 months starting from 24 months following the first withdrawal of the funds.

The proposed use of funds will be towards the purchase of equipment, engineering and construction of the demonstration plant.

“Geomega’s project is part of Quebec’s vision for green economy,” said Pierre Fitzgibbon, Minister of the Economy and Innovation and the Minister responsible for the Lanaudière region.

“Rare earths are used in new technologies, such as smartphones and electric motors, and the demand for these metals is constantly increasing. Rare earths production within the principles of circular economy is a major asset for Quebec and will help to further strengthen our position as a leader in the electrification of transportation,” Fitzgibbon said.

Geomega has developed a proprietary ISR Technology that recycles rare earth elements with focus on the permanent magnet industry, and produces four high-demand rare earth elements (Nd, Pr, Tb, Dy). The company is targeting 2020 for initial production from its demonstration plant to supply these minerals to North America and other parts of the world.

Shares of Geomega jumped more than 11% at Friday’s market open. The company has a market capitalization of C$19.2 million.

Hot News / Related to recommend
  • 2022 - 08 - 09
    Click on the number of times: 0
    source:sustainability-timesGreen transportation is a crucial part of the fight against climate change. While most of the attention on alternative cars focuses on electric vehicles (EVs), hydrogen fuel...
  • 2022 - 08 - 08
    Click on the number of times: 0
    source:kitcoRare earths producer Lynas (ASX: LYC) today announced an approximately $500M project to expand capacity at the Mt Weld mine and concentration plant to meet accelerating market demand for r...
  • 2022 - 08 - 08
    Click on the number of times: 1
    source:Bayreuth UniversityResearchers at the Universities of Bayreuth and Linköping have produced two surprising compounds of nitrogen and the rare earth metal yttrium under very high pressure. T...
  • 2022 - 08 - 04
    Click on the number of times: 1
    source:energyindustryreviewOne of the most amazing phenomena of nature is the manifestation of magnetism in some materials. Permanent magnets are known since ancient times. Before the great discoverie...
  • Copyright ©Copyright 2018 2020 Shanghai rare earth association All Rights Reserved Shanghai ICP NO.2020034223
    the host:Shanghai Association of Rare Earth the guide:Shanghai Development and Application Office of Rare Earth the organizer:Shanghai rare earth industry promotion center