Innord Signs LOI with Rocklink GmbH for up to 100 Tonnes per Year of Magnet Waste from Europe
MONTREAL, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“GéoMégA” or the “Corporation”) (TSX.V: GMA) is pleased to announce that Innord Inc. (“Innord”), a private subsidiary controlled by GéoMégA, has entered into a non-binding Letter of Intent (“LOI”) with Rocklink GmbH, a German based rare earth, cobalt and minor metals recycling company to acquire up to 100 tonnes 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 2 years starting from the effective date of the definitive agreement while the amount can be increased to up to 200 tonnes per year following a mutual agreement between the parties.
Following the announcement of securing initial feed material from the US (see press release October 25, 2018), this LOI more than doubles the potential annual feed supply and as well opens the door to the European market for Innord. The Corporation will continue securing additional supply of feed material in order to have more than 50% of the targeted annual processing capacity (500 tonnes 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.
About GéoMégA (www.geomega.ca)
GéoMégA is a mineral exploration and evaluation company focused on the discovery and sustainable development of economic deposits of metals in Québec. GéoMégA is committed to meeting the Canadian mining industry standards and distinguishing itself with innovative engineering, stakeholders’ engagement and dedication to local transformation benefits. GéoMégA owns the Montviel rare earth carbonatite deposit and is advancing sustainable rare earth refining through Innord’s ISR technology. GéoMégA holds over 17.8M shares and over 20% of Kintavar Exploration Inc. who is advancing the Mitchi stratiform copper project in Quebec.
About Innord Inc.
Innord is a private subsidiary of GéoMégA of which GéoMégA owns 96.1%. The goal of Innord Inc. is to develop and optimize the proprietary ISR technology for extraction and separation of rare earth elements. Innord focuses on scaling up the technology through processing rare earth enriched secondary sources (recycling of end of life and manufacturing waste) and then to apply the technology to primary mining feeds.
About Rocklink GmbH (www.rocklink.de/en)
Rocklink is a specialist in the procurement, separation and recycling of rare earth, cobalt, tungsten and molybdenum arising from production processes and end-of-life appliances. With treatment centers in Germany, Rocklink is capable to provide a one-stop solution including transport, intermediate waste storage, transboundary waste compliance, mechanical automated separation, thermal and chemical treatment for complex and dangerous waste.