Geomega Resources - President & CEO, Kiril Mugerman
President & CEO, Kiril Mugerman
Source: Bit Bean
  • Geomega Resources Inc. (GMA) has been awarded a $3 million grant from the government of Quebec for a magnet recycling demonstration plant
  • The grant was administered by the Ministry of the Environment and the Fight Against Climate Change, Wildlife and Parks under the Technoclimat Program
  • The funding will go towards the construction of the magnet recycling demonstration plant for a capacity of 1.5 tonnes per day of feed material
  • Afterwards, the plant will be used to demonstrate the economic benefits, efficiency, and environmental benefits of the technology
  • Geomega Resources Inc. (GMA) is down 2.08 per cent, trading at $0.23 per share as of 3:40 p.m. EST

Geomega Resources (GMA) has been awarded a $3 million grant from the government of Quebec’s Technoclimat Program.

The grant, administered by the Ministry of the Environment and the Fight Against Climate Change, Wildlife and Parks, is for the construction of a magnet recycling demonstration plant.

The funding will go towards the construction of the magnet recycling demonstration plant for a capacity of 1.5 tonnes per day of feed material.

Afterwards, the plant will be used to demonstrate the economic benefits, efficiency, and environmental benefits of the technology.

Kiril Mugerman, President and CEO of Geomega, commented,

“Developing new technologies that will make the future environmentally sustainable while remaining competitive with legacy technologies is challenging, but the continuous support from the government over the last few years has allowed our team to achieve that.”

On top of this, the company has given an update on its magnet recycling demonstration plant and the bauxite residues pilot plant.

The engineering, securement, and pre-construction activities for the magnet recycling demonstration plant remain on schedule. Geomega also hired an engineering consulting firm to complete the final stage of the project for construction which is expected to finish during the spring.

Additionally, the bauxite residues project received most of the equipment for the initial phase of the pilot plant, and installation has already begun.

Geomega Resources Inc. (GMA) is down 2.08 per cent, trading at $0.23 per share as of 3:40 p.m. EST.


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