Geomega and Jobmaster Magnet Canada Inc. Enter into an Agreement for Rare Earth Magnet Recycling
February 24 2020 - 6:27AM
Geomega Resources Inc. (“
Geomega” or the
“
Corporation”) (TSX.V: GMA) and Jobmaster Magnets
Canada Inc. (“
Jobmaster Magnets”) are very pleased
to announce an agreement to increase rare earth magnet recycling in
Canada and abroad which will lead to additional feed supply for
Geomega’s plant.
As part of this agreement, Geomega and Jobmaster
Magnets will be putting in place a collection and recycling program
with end users and traditional recyclers to return scrap magnets to
either Geomega or Jobmaster Magnets to be ultimately recycled using
Geomega’s process to produce rare earths.
"We are at a pivotal time in our industry where
the global supply chain in magnetics is at the leading edge of the
next wave of technology and the products being designed,
manufactured and used in Canada and abroad dictate that we find
ways to responsibly, sustainably and economically rise to meet the
needs of our industry and our customers”, commented Matt Silvestro,
President of Jobmaster Magnets.
“We are very excited to work together with
Jobmaster Magnets on setting an example and becoming a leader in
magnet collection and recycling. Jobmaster Magnets is one of the
largest and oldest Canadian magnet suppliers with over 35 years’
experience in the industry. They serve various industries including
the automotive and manufacturing sectors, both major users of
magnets. Jobmaster Magnets’ clients, in Canada and abroad, will be
able to benefit from having their magnets recycled in a clean and
sustainable way right here in Canada while preserving this critical
resource from going to the land fills. As outlined in the U.S.
Federal Government open funding opportunity for REE separation and
processing project that Geomega is applying for, recycled
feedstocks are being considered as a potential source. This first
collaboration agreement is a step forward to establish a rare earth
magnet recycling industry in North America to produce a consistent,
reliable and sustainable supply of the required magnet focused rare
earths (Nd, Pr, Dy, Tb) for future government and commercial
needs.” commented Kiril Mugerman, President & CEO of
Geomega.
With rare earths pricing stabilizing over the
last couple of years at a very attractive level for end users but
well below the price required to start new mines, magnet demand has
increased substantially. At the same time, more companies are
becoming conscious of the environmental cost of e-waste and are
therefore inquiring about rare earth magnet recycling.
For more details about returns of magnet scraps
or purchasing new magnets contact the following:
Kiril Mugerman – 450-641-5119 ext. 5653 or
kmugerman@geomega.caMatt Silvestro – 905-337-8500 ext. 26 or
mcs@jobastermagnets.com
About Geomega
(www.geomega.ca)Based in
Boucherville and St-Bruno, Canada, Geomega Resources has developed
a proprietary, environmentally friendly “ISR Technology” that
recycles rare earth elements with focus on the permanent magnet
industry and produces four high demand, high price, rare earth
elements (HHREE – specifically Nd, Pr, Tb, Dy).
The Corporation is targeting 2020 for initial
production from its demonstration plant to supply HHREE’s to North
America and other parts of the world.
Geomega also owns the Montviel rare earth
carbonatite deposit 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
advancing the Mitchi stratiform copper project in Quebec.
About Jobmaster Magnets Canada
Inc.Based in Oakville, Ontario, Canada, Jobmaster Magnets
is a Privately – owned Canadian magnet supplier for commercial and
industrial applications since 1985 with the largest stock of rare
earth and other magnet materials that can are shipped worldwide.
Jobmaster Magnets custom designs and manufactures specialty magnets
that are used in manufacturing, automotive assembly, food
processing, robotics, plastics and alternative energy solutions
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