- Geomega (GMA) and Rio Tinto extend collaboration on Bauxite Residues
- Rio Tinto will provide $1M in funding for Innord to complete the required proof of concept work
- Rio Tinto and Innord have agreed to begin evaluating in parallel various opportunities to monetize the iron compounds produced by Innord’s Bauxite Residues Technology (IBRT)
- The intellectual property developed from this project extension will be owned by Rio Tinto which is fully funding the project
- The technology offers high reduction of waste volume, the recovery of valuable metal concentrates and effluents minimization by recycling main reagents
- Geomega Resources Inc. (GMA) is down 1.82 per cent, trading at C$0.27 at 10:04 am ET
Geomega Resources (GMA) has entered into a Bauxite Residues Iron Phase Product development agreement with Rio Tinto.
Rio Tinto will provide $1M in funding for Innord to complete the required proof of concept work and the subsequent small-scale locked cycle pilot plant at its Boucherville facilities as part of the agreement.
Following the announcement of the funding for a $4M pilot plant and feasibility study of a sustainable and complete valorization of bauxite residues, Rio Tinto and Innord have agreed to begin evaluating various opportunities to monetize the iron compounds produced by Innord’s Bauxite Residues Technology (IBRT).
As part of the project, over the next 12 months, Innord has committed to develop and test an extension technology to IBRT to produce the desired product that Rio Tinto will then evaluate.
The intellectual property developed from this project extension will be owned by Rio Tinto, which is fully funding the project.
Innord will receive a royalty payment for the underlying base technology (IBRT) upon commercialization of the technology and any production of commercial products.
Details of the agreement between Geomega and Rio Tinto, including the royalty level, will remain confidential.
“Iron is the largest component of bauxite residues, and we believe that this stream holds the keys to successfully implementing Innord’s complete and sustainable valorization of said residues,” commented Kiril Mugerman, President & CEO of Geomega and Innord.
“A successful project has the potential to increase the commercial viability of IBRT and contribute to its expedited commercialization,” added Mugerman.
Rio Tinto announced that $1M of additional funding is non-dilutive to Geomega and Innord. The project will start immediately, and the definitive development agreement is expected to be finalized later in 2022.
Bauxite residue is a by-product that is generated during the refining of alumina using the Bayer process. Innord’s technology for BR valorization builds on the processes developed initially for rare earth (REE) magnet recycling and extraction of REE from Montviel ore.
The technology offers a high waste volume reduction, and the recovery of valuable metal concentrates and effluents is minimized by recycling primary reagents.
Geomega develops innovative technologies for the extraction and separation of rare earth elements and other critical metals essential for a sustainable future.
With a focus on renewable energies, vehicle electrification, automation and reduction in energy usage, rare earth magnets or neo-magnets (NdFeB) are at the center of all these technologies.
Rio Tinto is a mining and metals company operating in 35 countries around the world that produces the materials essential to human progress.
Geomega Resources Inc. (GMA) is down 1.82 per cent, trading at C$0.27 at 10:04 am ET.