Business
Geomega Resources Announces Funding from SDTC, Quebec and Rio Tinto for a $4M Pilot Plant and Feasibility Study of Sustainable & Complete Valorization of Bauxite Residues
MONTREAL, March 31, 2022 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“Geomega” or the “Corporation”) (TSX.V: GMA) (OTC: GOMRF), a developer of clean technologie
About this update from Geomega Resources Inc.
[{"type":"text","content":" MONTREAL, March 31, 2022 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“Geomega” or the “Corporation”) (TSX.V: GMA) (OTC: GOMRF), a developer of clean technologies for the mining, refining, and recycling of rare earths and other critical materials, is pleased to announce that Innord Inc., its wholly owned subsidiary, has been awarded a $1.5M funding from Sustainable Development Technology Canada (SDTC) towards 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 (BR) (the Project). The Project cost is estimated at $4M, towards which Rio Tinto will invest $1.2M, the Ministère de l'Économie et de l'Innovation through Investissement Québec as mandatary of the Government of Québec with the Programme Innovation has provided $300K and Geomega will contribute $550K. The remaining $450K is intended to be funded by a 3rd 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. Innord Inc. is developing a process that reduces the volume of red mud by 70-90% while recovering valuable minerals from that waste. SDTC is pleased to provide funding to help Innord Inc. scale-up their solution to make the industry more sustainable.” commented Leah Lawrence, CEO of Sustainable Development Technology Canada. Rio Tinto’s Director of By-product Valorization Stephane Poirier said “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. This has the potential to not only reduce the environmental footprint of aluminium production, but to also deliver new sources of materials such as critical minerals needed to support a low carbon future.” “Investing in green aluminum is a strategic move for Quebec’s economy and the future of our manufacturing. We will continue to support any project that gives ...