Geomega Signs LOI with Everwin Magnetics
04 February 2021 - 11:00PM
Geomega Resources Inc. (“
Geomega” or the
“
Corporation”) (TSX.V: GMA) (OTC: GOMRF) a
developer of clean technologies for the mining, refining and
recycling of rare earths, and Everwin Magnetics Co., Ltd.
(“Everwin”), a subsidiary of Forte Mobility Co., Ltd. are pleased
to announce that they have entered into a Letter of Intent (LOI) to
recycle rare earth-containing production waste from Everwin’s
future production facilities in Ontario, Canada.
Everwin is developing the first NdFeB magnet
production facility in Canada that will go from machining to
surface treatment and is targeting to start with approximately 300
tonnes of annual production of rare earth magnets. Its focus is
providing magnets and motors to the North American market while its
parent company Forte Mobility specializes in Electric Vehicles and
battery systems.
“It was only a question of time before companies
like Everwin have decided to bring the expertise they have
developed over decades in the magnet industry in China to Canada.
The favorable energy rates, a healthy labour market, direct access
to the North American market, the growing electric vehicle sector
and now a recycling facility with Geomega to process magnet scraps
and swarf, make Canada an ideal location to develop a magnet
facility. We are very excited to be working with Everwin as they
look to start production in Canada. This type of operation will
produce on average 25% magnet waste and swarf that will need to be
recycled at our rare earths recycling facility in St-Bruno.”
commented Kiril Mugerman, President and CEO of Geomega.
“Our main market will be focused on various
permanent magnet motors used in cars, especially the EVs as there
will be a significant demand. The increase of manufacturing cost in
Asia combined with automation of the production process and the
cooperation with Geomega to further reduce the waste by recycling
makes it competitive to produce the magnet here in North America.
This will improve our customer satisfaction by reducing lead-time
and convenient communication. Another advantage is the favourable
treatment for locally made magnets under the new USMCA. We shall
have a complete supply chain from rare earth raw materials to
finished magnet products and recycling thanks to a large resource
of these materials in North America. With 30 years experience in
the industry, we are confident that we will provide customers the
best value under this cooperative structure with Geomega.”
commented Howard Peng, General Manager of Everwin.
About Geomega
(www.geomega.ca)Geomega develops
innovative technologies for extraction and separation of rare earth
elements and other critical metals essential for a sustainable
future. With a focus on renewable energies, vehicle
electrification, automation and reduction in energy usage, rare
earth magnets or neo-magnets (NdFeB) are at the center of all these
technologies. Geomega’s strategy revolves around gradually
de-risking its innovative technology and delivering cashflow and
return value to shareholders while working directly with the main
players in these industries to recycle the magnets that power all
those technologies.
As its technologies are demonstrated on larger
scales, Geomega is committed to work with major partners to help
extract value from mining feeds, tailings and other industrial
residues which contain rare earths and other critical metals.
Irrespective of the metal or the source, Geomega adopts a
consistent approach to reduce the environmental impact and to
contribute to lowering greenhouse gases emissions through recycling
the major reagents in the process.
Geomega’s core project is based around the ISR
Technology (Innord’s Separation of Rare Earths), a proprietary,
low-cost, environmentally friendly way to tap into a C$1.5 billion
global market to recycle magnet production waste and end of life
magnets profitably & safely.
Geomega also owns the Montviel rare earth
carbonatite deposit, the largest 43-101 bastnaesite resource
estimate in North America and holds over 16.8M shares, representing
approximately 19% of the issued and outstanding shares, of Kintavar
Exploration Inc. (KTR.V), a mineral exploration company that is
exploring for copper projects in Quebec, Canada.
About Everwin Magnetics
(https://everwinmagnetics.com/)Everwin
Magnetics focuses on the magnet and motor business serving North
American customers. Located in Aurora, Ontario, Canada, Everwin
magnetics is a division of Forte Mobility. Located in a 20,000 sq.
ft. facility Everwin is developing NdFeB magnet production from
machining to surface treatment and is offering magnet and motor
solutions and associated services.
For further information, please
contact:
Kiril Mugerman |
President and CEO |
Geomega |
450-641-5119 ext.5653 |
kmugerman@geomega.caNancy ThompsonVorticom Public
Relations212-532-2208nancyt@vorticom.comTwitter: @Geomega_REE |
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