Geomega Resources Inc. $GMA through its subsidiary Innord Inc. has signed a Joint Development Agreement (JDA) with Rio Tinto $RIO (+0,01%)
$RIO (+1,47%) a Joint Development Agreement (JDA) for its bauxite residue recovery technology.
The agreement includes the acquisition by Rio Tinto of a demonstration license for circuits 1 and 2 of the technology, which could lead to the construction of a demonstration plant in Saguenay, Quebec.
The technology is expected to help Rio Tinto improve the environmental footprint of aluminum refining by reducing the storage of tailings while recovering direct reduced iron (DRI) and key minerals such as rare earth concentrate and titanium concentrate.
Geomega will receive payments of up to $4.5 million as construction of the demonstration plant progresses. The company will retain ownership of the intellectual property rights to the technology.