Imperial Mining Awarded a $100,700 Grant to Undertake a Comprehensive Scandium Market Study
December 20 2021 - 7:30AM
Imperial Mining Group Ltd. ("Imperial")
(
TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to
announce that it has partnered with Investment Quebec and the
Baie-Comeau Regional Industrial Development Agency
(
“IDM”) to undertake a comprehensive scandium
market study. The study will look at the benefits of establishing a
North American supply of scandium and scandium-aluminum alloys
products and determine the industrial and technological development
impacts on the Baie-Comeau region, in general, and the Quebec
aluminum industry, in particular.
In July 2021, a collaboration agreement was
signed between Imperial Mining Group and Innovation et
Développement Manicouagan. This agreement was the catalyst for the
awarding of a $100,700 grant by Investissement Québec ($ 50,700) in
the SME Action Plan program and the Entrepreneurial Equity Fund of
ID Manicouagan ($ 50,000) to support scandium market research.
“We are grateful to the Government of Quebec and
Innovation and Development Manicouagan for supporting Imperial's
vision for a strong North American scandium industry," said Peter
J. Cashin, President and Chief Executive Officer of Imperial Mining
Group. “The results of the study will be an important input to the
Preliminary Economic Assessment (PEA) currently underway and will
quantify the significant growth potential of the global scandium
alloy products market once our Crater Lake operation is
commissioned. It will also demonstrate the significant economic and
strategic benefits that a sustainable scandium supply chain will
bring to the province of Quebec and its world-class green aluminum
industry. From Imperial's perspective, the Baie-Comeau region
offers significant advantages due to the availability of low-cost
green hydropower, the deep-water port, the expertise of the
aluminum workforce and a vibrant northern community.”
"In Quebec, we can be proud to have the
opportunity to produce scandium from an important mineral deposit
like we see at Crater Lake and the greenest aluminum in the world,”
said Pierre Fitzgibbon, Minister of Economy and Innovation and
Minister responsible for Regional Economic Development. “It is now
time to join forces and prepare Quebec industry for the arrival of
scandium-aluminum alloys, making them more durable and more
resistant. This metal will be an important contributor to reducing
manufactured platform weight."
“Baie-Comeau offers many opportunities for
allied metal producers, such as Imperial Mining Group, to be
strategically located near a major green aluminum production center
and a value-added smelter for the North American automotive
industry,” said Guy Simard, Director of Industrial Development at
ID Manicouagan. “In addition, Imperial's project has the potential
to contribute to the advancement of two important strategies of the
Government of Quebec, namely the Quebec aluminum development
strategy and the action plan for the value creation in critical and
strategic mineral sector.”
MARKET STUDY OBJECTIVES
IPG views that the industrial port zone of
Baie-Comeau an ideal choice for the establishment of scandium oxide
and master alloy production capacity for the Crater Lake
development. The market study will look at the implications and
impacts of establishing a scandium supply chain in the Baie-Comeau
region, in general, and as well as the broad Quebec aluminum
industry. The study will be addressing two broad themes, being:
- Market
Analysis and Economic Opportunities
- Conduct market
analysis of the potential scandium downstream applications,
including identifying key trends, manufacturing techniques emerging
market segments, including evaluating each market for cost
sensitivity.
- Estimate carbon
offsets for each downstream application.
- Conduct market
outlook for scandium oxide consumption for a 25-year timeframe for
each application.
- Conduct SWOT
analysis of the Imperial Mining Group.
- Market
Sizing and Socioeconomic Impact Assessment
- Assess the IPG’s
addressable market opportunities in Quebec.
- Estimate direct,
indirect, and induced economic impact of the IPG scandium oxide
production and economic impact of the aluminum ecosystem in
Baie-Comeau.
- Assess broader
socioeconomic benefits of the scandium production and applications
in Quebec’s industries, including but not limited to, follow-on
investment, and strengthening of existing manufacturing
clusters.
The market study work commenced on October 22,
2021 and will be completed by the end of Q1 2022. Results of the
study will be incorporated into the Crater Lake project PEA which
is currently being undertaken by WSP Canada (see Imperial Mining
Press Release, November 5, 2021).
ABOUT IMPERIAL MINING GROUP
LTD.
Imperial is a Canadian mineral exploration and
development company focused on the advancement of its technology
metals projects in Québec. Imperial is publicly listed on the TSX
Venture Exchange as “IPG” and on the OTCQB Exchange as “IMPNF” and
is led by an experienced team of mineral exploration and
development professionals with a strong track record of mineral
deposit discovery in numerous metal commodities.
ABOUT ID MANICOUAGAN
An economic development organization, IDM
supports entrepreneurship through advisory and financing services
(loans and grants) to businesses and community organizations. It
acts in the industrial development and socio-economic development
of the Manicouagan area to maximize the benefits for the region and
facilitate the networking of the various partners.
For further
information please contact: |
Peter J. Cashin |
|
CHF Capital Markets |
President and Chief Executive
Officer |
|
Cathy Hume, Chief
Executive Officer |
Phone: +1 (514)
360-0571 |
|
Phone: +1 (416) 868-1079 x251 |
Email:
info@imperialmgp.com |
|
Email: cathy@chfir.com |
Website: www.imperialmgp.com |
Twitter: @imperial_mining |
Facebook: Imperial Mining Group |
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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