Geomega receives $2.04M from NGen for Quebec magnet recycling demo plant

Geomega Resources Inc. announced it has obtained $2.04 million funding from Next Generation Manufacturing Canada (NGen) for the construction of a rare earths recycling demonstration plant in St-Hubert, Quebec. The NGen funding, via its Advanced Manufacturing Projects program, is part of the $2.96 million total awarded to Geomega and a private Quebec-based R&D company to perform the project.

Geomega develops technologies for the extraction and separation of rare earth elements and other critical metals. According to the company, the demonstration plant aims to de-risk, commercialize and scale-up magnet recycling capabilities in Canada.

When operational, the demonstration plant will recycle magnet scrap to extract rare earth oxides that can then be used to produce rare earth metals by the project partner. Currently, China is the largest producer of rare earth elements (REE), accounting for roughly 60 percent of global supply, followed by the U.S., Australia, Burma and Thailand, according to Natural Resources Canada. Of that, permanent magnet manufacturing accounts for approximately 40 percent of REE demand.

Rare earth magnets are at the center of a number of emerging industries, including renewable energy and vehicle electrification, but are also critical to the manufacture of everything from most modern electronics to many types of electric motors.

“We believe that recycling will play an important role in closing the loop within the rare earths and magnets supply chain and provide a local recycling solution for end-of-life magnets and a sustainable supply of rare earths for the developing metal and magnet industries,” said Geomega President and CEO, Kiril Mugerman.
www.geomega.ca