Geomega Resources says it will use proprietary technology to recycle rare-earth elements used in cell phones and electric vehciles.Matthew Sherwood/The Globe and Mail
Quebec-based Geomega Resources Inc 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 $1.72-million in debt financing to build the $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, sought creditor protection last year.
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