Canadian Company Intends to Increase Rare Metal Recycling
Canada-based company GéoMégA has developed a rare earth separation technology, ISR, and is securing a supply of feed material, among others magnet waste from Europe.
Its subsidiary company Innord Inc. has entered into a non-binding Letter of Intent with Rocklink GmbH, German-based rare earth, cobalt, and minor metals recycling company to acquire up to 100 tons per year of feed material for extracting and refining rare earth oxides using its proprietary ISR technology. The agreement shall be in effect for a minimum of two years starting from the effective date of the definitive agreement while the amount could be increased to up to 200 tons per year following a mutual agreement between the parties, GéoMégA reported. The Letter of Intent would more than double the potential annual feed supply and as well open the door to the European market for Innord. The corporation would continue securing an additional supply of feed material to have more than 50 percent of the targeted annual processing capacity (500 tons per year) secured.
“Innord is excited to begin working with Rocklink, a leader in procurement, recycling and trade of rare earths, cobalt and other minor metals from production residues and end-of-life scraps. Their extensive network and knowledge of the end-of-life market, especially in Europe, is second to none. Both companies have the same goals which is increasing rare metal recycling by offering sustainable and environmental solutions which bring cost efficiencies to the producing companies. We believe that as end of life magnet recycling is becoming a focus point for the permanent magnet industry, Rocklink’s recycling approach and Innord’s ISR processing technology will set an example for permanent magnet recycling outside of China,” commented Kiril Mugerman, President and CEO of GéoMégA and Innord.
Photo: Geomega Resources Inc.
(GR 22019, Page 20)
