KWG Resources Inc. (CSE:KWG) released a press release stating that it’s “extremely encouraged” by the Canadian federal budget released on April 21, 2015.
KWG Resources Inc. (CSE:KWG) released a press release stating that it’s “extremely encouraged” by the Canadian federal budget released on April 21, 2015. That’s because the government has said it will allocate $23 million over five years to Natural Resources Canada in order to “stimulate the technological innovation needed to separate and develop rare earth elements and chromite.”
The company also said its common shares will be delisted from the TSX Venture Exchange at the end of the day on April 22, 2015.
As quoted in the press release:
As previously reported, KWG is developing a new method of refining chromite ore into ferrochrome by means of natural gas. The company has filed an international patent application under the Patent Cooperation Treaty that will provide it with the right to file patent applications in over 140 countries around the world. The new process could enable KWG to become the lowest cost producer of ferrochrome in the world, so securing Canada’s involvement in a significant global commodity marketplace.
Frank Smeenk, president of KWG, commented:
We are pleased that the federal government recognizes the immense economic opportunity this new process provides for Canada, and that they are investing in further chromite refining research.