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Listen to this new interview with our CEO, Kiril Mugerman.
Listen to this interview with Kiril Mugerman, our CEO, recorded July 17th 2020. America’s Voice News is a multi-platform news & entertainment media organization featuring content focused news. Watch on Dish on Channel 219. Thanks America’s Voice!
Q: Do you have a “number one principle” that guides you through the ups and downs of running a business? A: Yes, I recommend people try their best to think outside the box. Don’t do what everyone else is doing. Try to be different in your approach which gives you a first mover advantage and, if you are successful, others will follow you.
Thanks Erskine Radio for this +40 minute conversation!
“How does my company, Geomega Resources, fit into the rare earths recycling cycle? Geomega uses chemical processing to extract and produce purified rare earth oxides that are otherwise trapped in magnets. The magnet cannot be directly reused, because often the shape, size, coating and magnetic specifications will be hard to match to a specific application. Geomega’s process allows us to recover the rare earths and to ship them to metal and magnet manufacturers that will be able to make new products to the specifications of the end users.”
It’s been ten years since the first REE crisis and the problem is far from resolved but the first few seeds signal promise, and we may finally see a flower grow.
Lowering the risk when scaling up — that’s my main technological risk. Everybody knows that there is always a risk in scaling-up, but doing it in small steps is a big advantage. The ISR technology has been scaled-up. This is the final iteration of the pilot plant. Proprietary technology, environmentally safe, small footprint, low CAPEX, as I said. Why environmentally safe? Because the recovery of my main reagents is +95%. I don’t have liquid effluent coming out of my plant. It’s very important because I’ll show you where I’m developing my plant. Then, iron oxide — 70% of this is magnet is iron. When they recycle those magnets in China, usually the iron goes together with their waste hydrochloric acid into the tailings facility. Basically, it’s a red mud issue. We don’t want to be dealing with red muds, especially where I am outside Montreal.
The permanent magnet market — it was 160 thousand tonnes in 2018. Today, it’s closer towards two hundred thousand tonnes. That market is growing. Every single magnet that has to be made produces 15-30% waste by weight. That’s a lot of magnet to be recycled. We are starting with the first plant of approximately $10M ten million dollars in sales and growing to full capacity within the plant, then probably looking to add a second plant as soon as possible close to magnet manufacturers. Most of them are in Asia, but you’re seeing more and more interest of some of those manufacturers to come to Europe and North America. That magnet sector today is generating $1.2 billion dollars annually. It’s expected to grow to $1.8 billion dollars. That’s a lot of money and it’s a sector that we want to take a big chunk out of. We think we can generate a lot of revenues and that’s why we think it’s a very good opportunity to invest in GEOMEGA today.
Why are we doing all this? It’s the circular economy principle. Once we are doing this recycling, it closes the production cycle as Europe and North America are trying to do right now. I’ll finish by saying that rare earth prices are low, but that’s what drives demand and demand is positive for innovation and recycling. That’s where we are today in the rare earth cycle. Low capex, low opex, small footprint, clean process, and cash flow — these are the objectives of the company in the near future. Thank you very much.
Kiril Mugerman: We are recycling those magnets. When we receive them, what happens is that we crush them if we receive them as solids. Sometimes we receive them as powders already, which is crushed material. Then it goes into a reactor where a process happens. It’s a sequence of three reactors where basically a process goes from one to the next one to the next one and we get our final product. The closer it goes towards the end of the process, the more similar to a traditional process. The first stages are very different and innovative, and do not produce the same waste that are produced in traditional technologies today.
However, Quebec and Canada are light years away from having an integrated industry, says Kiril Mugerman, president and chief executive officer of Ressources Géoméga, an SME from Boucherville that owns the Montviel rare earth deposit. , in the Nord-du-Québec region.
“The sooner we produce oxides in North America, the faster we will attract companies capable of making alloys,” he insists.
2020 Targeting initial production from the demonstration plant / 2020年的目标是使示范工厂初步投产
Developed proprietary, environmentally friendly, “ISR Technology” that recycles waste from the permanent magnet industry and produces four high demand, high priced rare earth elements (HHREE – Nd, Pr, Tb, Dy)
Rod Hunt was commissioned by The Restart Project to illustrate Materials Matter, educational resources to learn about the materials inside our electronics and their significance. Through hands-on activity, we reveal hidden environmental impacts of mobile phones and other electronics.
“At every stage from the day that you produce oxide and send that to the metal manufacturer, the metal manufacturer produces waste. That waste goes back to us. The metal then goes to the magnet manufacturer who makes those special shapes for the different motors and that produces more waste. That waste goes back to us. Then the final product goes to the manufacturer, whether it’s cellphones, wind turbines, or electric motors. And then there is disposal. At the end of the disposal stage, there is still a collection and that collection point is missing today because nobody is there to buy the magnet waste. We are the first ones to do it and that’s why we are going to set up this full closed-cycle within North America and pretty much everywhere outside of China…” Mr. Kiril Mugerman.
“People are starting to talk about it. We started talking about it five years ago! Today, we are slowly starting to see the US government, the Canadian government, and the European Union all waking up to the reality that you do need to go after the circular economy behind rare earth elements.” Kiril Mugerman, November […]
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“What you see on the left is one thing we produce: neodymium oxide. That’s the main oxide of rare earth elements that go into building magnets. The neodymium metal goes into magnets, and the magnets go into motors — that’s the main driver of this entire sector… The most important thing that I want you […]
404? Continuer à lire, «Voici un bref résumé… Ce que nous allons traiter, ce sont 1,5 tonne de déchets magnétiques par jour. Qu’est-ce que les déchets magnétiques? Il est produit par le broyage des aimants jusqu’à leur forme finale et, aussi, le matériau de fin de vie. Tout fonctionne à 30% d’éléments de terres rares… […]
The neodymium metal goes into magnet, and the magnet goes into motors — that’s the main driver of this entire sector. If we go about what GeoMegA is today, then we have a rare-earth processing technology developed by our private subsidiary INNORD and we also have Montviel, which is a 43-101 large resource of a carbonatite-bastnasite. It is the largest in Canada.
Learn more about our plans for ISR technology in the near term and beyond. https://ressourcesgeomega.ca/wp-content/uploads/2019/12/2019-12-31-KTR-BusinessModel.mp4 The objective is to sell it all into the European market. After this, we’d love to sell into the US but the US abandoned any kind of production of magnets in the ’90s. Now they’re slowly trying to attract it […]
“If I drive it up to full 24 hour operation, then that gives me 4.5 tons per day. Do the math, with that you can generate $30 million dollars of sales with $6-8 million of profits on a $2.6 million dollar investment. That’s starting to sound very interesting.” https://ressourcesgeomega.ca/wp-content/uploads/2019/12/2019-12-31-KTR-DoTheMath.mp4 https://ressourcesgeomega.ca/wp-content/uploads/2019/12/2019-12-31-KTR-DoTheMath.mp4 “What we are going to […]
Geomega Resources is improving its proprietary ISR technology as it moves closer to being Canada’s first rare earth elements recycler and the only one outside China. The company operates a pilot plant and has made several optimizations recently.