“We realized that there is this niche opportunity to enter a market where we are processing rare earths — not from a mining concentrate, but from industrial use and end-of-life applications…. Now, we are going to be buying it, processing it, producing rare earths and we will be the first rare earth producer in North America.” Kiril Mugerman
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.