The first factory for recycling of rare earth magnets to outside of Asia see the light of day in Saint-Bruno-de-Montarville on the South Shore of Montreal by the end of the year, announced this morning Ressources Géoméga.
“We will have the first factory for recycling of rare earths outside of Asia”, has shared in the Journal Kiril Mugerman, CEO of Resource Géoméga, which is worth$ 17 Million in stock.
Founded in 2009, Ressources Géoméga, which has its head office in Boucherville, will recover the waste of magnets to make the powder of the rare earths that they sell to manufacturers of metal which will in turn parts for Tesla, Apple, and Samsung.
“We will supply Asia, Europe, the United States and South America. If I can have waste chinese, I’ll take those,” continued Mr. Mugerman.
With a team of just 10 employees, Resources Géoméga predicts sales of $ 10 million with profits of around $ 2 million as early as next year.
“The production of rare earths in a logic of circular economy is a major asset for the Québec and will help to strengthen our position as a leader in the electrification of transport”, stated by press release the minister of the Economy Pierre Fitzgibbon, who grants an interest-free loan of $ 1.7 million to support the project of $3.2 million.
Market of $1.2 billion
– Researched the market for the magnet is valued at $ 1.2 billion in the world. More and more companies are starting to recycle the magnets of the speakers of cars or electronic devices to take advantage of this juicy market.
Each year, more than 160 000 tons of magnets are used all over the globe in electric motors, wind turbines, mobile phones and washing machines. A windfall for the Resources Géoméga.
According to her, the remains of rare earths or of the magnets intended for the trash are a gold mine. “In China, they recover 20% of their production of rare earths, but these are just about the only” stressed Kiril Mugerman.
“There are companies which pick up the hard drives of computers, but who do not know what to do with it in Asia. We are going to tell them to come and see us, ” concluded the quebec businessman, a graduate in geology from McGill University.