Geomega Resources Inc. has signed a non-binding letter of intent (LOI) with Innovation Metals Corp. for the processing of neodymium concentrate in Becancour, Quebec, derived from the company’s Montviel rare earth element (REE) project.
IMC is planning to construct an REE separation facility in the Becancour Waterfront Industrial Park in Quebec, Canada.
As quoted in the press release:
“We anticipate that neodymium will account for approximately 60% of the REE distribution in the Montviel concentrate.” comments Simon Britt, CEO of GeoMegA. “Processing Montviel’s concentrate into separated REEs generates a significant increase in value whereby it maximises revenues from production and multiplies the pool of end-users.”