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Geomega Resources: Innord purchases additional equipment to accelerate scale up
MONTREAL, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“GéoMégA” or the “Corporation”) (TSX.V: GMA) is pleased to announce that Innord Inc. (“Innor
About this update from Geomega Resources Inc.
[{"type":"text","content":" MONTREAL, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“GéoMégA” or the “Corporation”) (TSX.V: GMA) is pleased to announce that Innord Inc. (“Innord”), a private subsidiary controlled by GéoMégA, has purchased additional equipment to complete the current scale up activities to a 20 liter unit. The new equipment includes a 30 liter filtration system and pumps, larger capacity furnace and most importantly, a larger crusher with a working rate of 12 kg/hr to process some of the residues that the Corporation is receiving. All the equipment is expected to arrive in December and will be used to fully complete the scale up activities. Furthermore, the equipment was designed and manufactured such that it will be able to be used in future scale ups thereby reducing costs and significantly improving upon construction time. Securing additional sources of supplyThe management has had very productive meetings in Europe and Asia recently and is pleased to report that it has identified potential new sources of supply. As previously disclosed, the supply for Innord needs to be diversified. We are focusing on both magnet manufacturers and end of life recycling and we see significant progress in both supply sources. With China being the leader in magnet manufacturing, we are focusing on that region to supply a portion of the feed material that will be required for Innord’s planned commercial plant. We are continuing discussions with groups already identified with the objective to be in a position to secure a long-term steady supply source. 15th International Rare Earths Conference – November 2018The annual event that was hosted in Hong Kong saw both existing rare earth producers and end users unite to discuss the events in the industry over the last 12 months. The main conclusions from the event were: The rare earths industry is increasingly orienting towards the permanent magnet realm with the focus on Neodymium (Nd), Praseodymium (Pr), Terbium (Tb) and Dysprosium (Dy). The magnet sector is growing at an average rate of 10-15% per annum. These magnetic rare earth oxides represent only 30% by volume but 80% by value of the market. In 2004, they represented 40% by value of the market. (Curtin-IMCOA, IREC15) Significant growth in demand for permanent magnets is building up from the electric vehicle industry which will conti...