- Geomega Resources (GMA) has announced that Innord Inc., its wholly-owned subsidiary, has been awarded a $1.5M funding from Sustainable Development Technology Canada (SDTC).
- The funding is for the construction of a pilot plant and completion of a feasibility study using Innord’s technology which is designed for a sustainable & complete valorization of bauxite residues
- Ownership of the intellectual property developed through the research work associated with the Project will remain with Innord.
- Bauxite residue is a by-product that is being generated during refining of alumina using the Bayer process
- As at 12:48 PM ET, the share price of Geomega Resources Inc. remained unchanged at $0.305.
Geomega Resources (GMA) subsidiary Innord Inc. has been awarded $1.5 million in funding from Sustainable Development Technology Canada (SDTC).
The funding is for the construction of a pilot plant and the completion of a feasibility study using Innord’s technology which is designed for a sustainable & complete valorization of bauxite residues.
The project cost is estimated at $4M. Rio Tinto will invest $1.2M.
The Ministère de l’Économie et de l’Innovation through Investissement Québec, as mandatory of the Government of Québec with the Programme Innovation, has provided $300K. Geomega will contribute $550K. The remaining $450K is intended to be funded by a third-party organization towards the later stages of the Project and will be announced accordingly.
The collaborative research work will be led by Dr. Pouya Hajiani, Geomega’s Chief Technology Officer, and will be performed by Innord’s research team in collaboration with Rio Tinto’s R&D team.
“Bauxite residue, the waste generated from aluminum production, requires significant management and monitoring from mining companies to avoid environmental impacts.” explained Leah Lawrence, CEO of Sustainable Development Technology Canada.
“We look forward to continuing our partnership with Geomega to support their development of this technology aimed at finding new uses for bauxite residue, the waste from the alumina refining process,” Rio Tinto’s Director of By-product Valorization Stephane Poirier stated.
“Investing in green aluminum is a strategic move for Quebec’s economy and the future of our manufacturing, and we will continue to support any project that gives us a competitive edge in this area,” added Pierre Fitzgibbon, Minister of Economy and Innovation and Minister Responsible for Regional Economic Development.
Ownership of the intellectual property developed through the research work associated with the Project will remain with Innord.
Bauxite residue is a by-product that is being generated during the refining of alumina using the Bayer process.
As at 12:48 PM ET, the share price of Geomega Resources Inc. remained unchanged at $0.305.