Business
Focus Graphite and SOQUEM Commence PEA on Kwyjibo Rare Earth Element Project in Northern Québec
OTTAWA, Oct. 02, 2017 (GLOBE NEWSWIRE) -- Focus Graphite Inc. (TSX-V:FMS) (OTCQX:FCSMF) (FSE:FKC) (“Focus” or the “Company”) and partner SOQUEM Inc. ("SOQUEM")
About this update from Focus Graphite Inc.
[{"type":"text","content":"OTTAWA, Oct. 02, 2017 (GLOBE NEWSWIRE) -- Focus Graphite Inc. (TSX-V:FMS) (OTCQX:FCSMF) (FSE:FKC) (“Focus” or the “Company”) and partner SOQUEM Inc. (\"SOQUEM\") are pleased to announce that they have engaged Met-Chem of Montréal, a division of DRA Americas Inc (“Met-Chem/DRA”), to undertake a Preliminary Economic Assessment (PEA) of their Kwyjibo Polymetallic-Rare Earth Elements (REE) – Copper-Iron-Phosphate project (“Kwyjibo” or the “Project”), located in the Côte-Nord administrative district of northeastern Québec. Met-Chem/DRA is a globally recognized expert in mine and infrastructure design, including construction and mine operations, resource mapping, metallurgy, cost assessment, process design and administration. They have direct experience in the REE sector having prepared: pre-feasibility studies (PFS) on the Zandkopsdrift and Steenkampskraal REE projects in South Africa and on the Browns Range Project in Australia. On behalf of the Joint Venture partners, Focus Graphite President and Chief Executive Officer Gary Economo said: “We are pleased to have Met-Chem/DRA leading the PEA on Kwyjibo. Met-Chem/DRA is a highly skilled and reputable engineering firm with individual team members that have a wealth of professional experience on a variety of projects throughout the world, including REE projects.” Mr. Economo said the decision to undertake the PEA study coincided with a number of encouraging market factors, chief among them, a significant rise in market prices during the first half of 2017 for neodymium and praseodymium. “And, with Germany, France and the United Kingdom announcing plans to end the production of cars equipped with combustion engines starting in 2030, conditions appear to be favourable for a resurgence in investment momentum, especially for non-Chinese REE explorers,” Mr. Economo said. “The recent resurgence in rare earth elements prices also reflects growing demand as a result of the Paris Agreement on climate action globally, but more in particular China’s REE production cuts as it rationalizes its REE mining industry – in support of its policy to electrify China’s transportation and other industries,” said Mr. Economo. According to the Nikkei Asian Review, China, which produces some 85% of the world’s supply of rare earths, is looking to curtail supply by enforcing environmental rules and t...