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GeoMegA owned private subsidiary Innord has entered into a non-binding (LOI) with a German based REE recycling companty to acquire feed material.
GeoMegA Resources (TSXV:GMA) private subsidiary Innord which is solely owned GeoMegA, 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.
As quoted from the press release:
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.