Canada's Quebec backs Geomega Resources rare earth recycling project
07/02/2020 15:56
TORONTO Feb 7 (Reuters) - Quebec-based Geomega Resources Inc
GMA.V secured debt financing to build a rare earth magnet
recycling demonstration plant in the Canadian province, the
company said on Friday.
Geomega said the provincial government's investment body,
Investissement Quebec, would provide C$1.72 million in debt
financing to build the C$3.2 million facility, which it says
will use proprietary technology to recycle rare-earth elements
used in cell phones and electric vehciles.
Mineral-rich Quebec has stepped up support for miners in
hopes of spurring investment in critical minerals to mixed
effect. At least two government-backed companies, North American
Lithium and Nemaska Lithium NMX.TO , sought creditor protection
last year. urn:newsml:reuters.com:*:nL1N28X0OI urn:newsml:reuters.com:*:nL1N2871OZ
(Reporting by Jeff Lewis
Editing by Chizu Nomiyama)
((Jeff.Lewis@thomsonreuters.com; +1416=687-7723))
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