Geomega and Everwin Magnetics sign letter of intent to recycle rare earth-containing production waste

Geomega and Everwin Magnetics have entered into a letter of intent (LOI) to recycle rare earth-containing production waste from Everwin's future production facilities in Ontario, Canada.

Everwin is developing the first NdFeB magnet production facility in Canada that will go from machining to surface treatment and is targeting to start with approximately 300 tonnes of annual production of rare earth magnets. Its focus is providing magnets and motors to the North American market while its parent company Forte Mobility specializes in electric vehicles and battery systems.

"It was only a question of time before companies like Everwin have decided to bring the expertise they have developed over decades in the magnet industry in China to Canada. The favorable energy rates, a healthy labour market, direct access to the North American market, the growing electric vehicle sector and now a recycling facility with Geomega to process magnet scraps and swarf, make Canada an ideal location to develop a magnet facility. We are very excited to be working with Everwin as they look to start production in Canada. This type of operation will produce on average 25% magnet waste and swarf that will need to be recycled at our rare earths recycling facility in St-Bruno," commented Kiril Mugerman, President and CEO of Geomega.