February 7, 2020 / 3:59 PM / 17 days ago

Canada's Quebec backs Geomega Resources rare earth recycling project

TORONTO (Reuters) - Quebec-based Geomega Resources Inc (GMA.V) secured debt financing to build a rare earth magnet recycling demonstration plant in the Canadian province, the company said on Friday.

Geomega said the provincial government’s investment body, Investissement Quebec, would provide C$1.72 million in debt financing to build the C$3.2 million facility, which it says will use proprietary technology to recycle rare-earth elements used in cell phones and electric vehciles.

Mineral-rich Quebec has stepped up support for miners in hopes of spurring investment in critical minerals to mixed effect. At least two government-backed companies, North American Lithium and Nemaska Lithium NMX.TO, sought creditor protection last year.

Reporting by Jeff Lewis; Editing by Chizu Nomiyama

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