- Geomega Resources (GMA) has successfully completed testing and optimisation of its rare earths pilot plant in Boucherville, Quebec
- Four completed rounds of testing confirmed the efficacy of the company’s recycling technology to produce rare earths from magnets
- Geomega will soon begin the next engineering phase, and order equipment for construction of the larger demonstration plant in Saint-Bruno
- The company expects to soon begin capitalising on growing demand for renewable energy materials and clean technologies
- Geomega Resources is up 2.82 per cent and is currently trading for $0.36 per share
Geomega Resources (GMA) has successfully completed testing and optimisation of its rare earths pilot plant in Boucherville, Quebec.
During testing of the plant, significant engineering work was performed in order to confirm the validity of the company’s technology. Four completed rounds of testing confirmed how effectively Geomega’s recycling technology can produce rare earths from magnets.
The pilot plant testing also validated and facilitated the selection of equipment for the demonstration plant. As a result of the successful testing, Geomega will soon begin the next engineering phase, and order equipment for construction of the larger demonstration plant in Saint-Bruno, Quebec.
Geomega’s President and CEO, Kiril Mugerman, commented on the significance of the pilot plant’s successful testing.
“Having a fully operational Pilot Plant has provided Geomega with the necessary validation to proceed to the next stages of engineering, finalise discussions with vendors, and launch procurement,” he said.
“We fully expect 2021 to be a transformational year for Geomega shareholders with the upcoming construction of the demonstration plant and its start of production of rare earth oxide using recycled magnets, a first in the Western world,” he added.
Kiril went on to say that the company looks forward to providing clean technology to the industries and governments that demand it. He noted that there is an accelerated growth in demand for renewable energy materials and clean technologies, as industries and governments strive for zero waste and reduced greenhouse gas production.
Geomega Resources is up 2.82 per cent and trading for $0.36 per share, as of 3:08pm EST.