Quebec provides project financing for rare earths recycling project
The Quebec government is backing TSX-V-listed Geomega Resources’ rare earth magnet recycling demonstration plant in St-Bruno-de-Montarville, and will be providing C$1.72-million in financing for the C$3.2-million project.
The proposed funds by Investissement Quebec (IQ) will be used for the purchase of equipment, engineering and construction of the demonstration plant.
With the financing of IQ, through the ESSOR programme of the Ministry of Economy and Innovation of Quebec, Geomega has essentially completed its main project financing initiatives.
"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,” comments Quebec Economy and Innovation Minister Pierre Fitzgibbon.
Geomega’s rare-earth magnets recycling demonstration plant will be the first of its kind in North America. The plant will use an in-situ recovery process to recycle rare earths with a focus on the permanent magnet industry and will produce four high-demand elements, including neodymium, praseodymium, terbium and dysprosium.
In October, the company scaled up the demonstration plant to use 5 000 ℓ reactors and operate on a single work shift of eight to ten hours. As a result of the sizing increase and process optimisation, the demonstration plant could reach a throughput capacity of 1.5 t a shift, which is a 50% increase over the initial design.
Production is targeted for 2020.
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