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Geomega Resources Inc V.GMA

Alternate Symbol(s):  GOMRF

Geomega Resources Inc. is a mineral exploration and evaluation company focused on the discovery and sustainable development of economic deposits of metals in Quebec. The Company is a developer of clean technologies for the mining, refining, and recycling of rare earths and other critical materials. Through its wholly owned subsidiary Innord Inc. (Innord), the Company is developing innovative technologies for extraction and separation of rare earth elements and other critical and strategic metals from its mining properties and other mining and industrial waste in an environmentally sustainable way. With a focus on renewable energies, vehicle electrification, automation and reduction in energy usage, rare earth magnets or neo-magnets (NdFeB) are at the center of all these technologies. The two most advanced projects for the Company are the rare earth magnet recycling and bauxite residue processing and vaporization. It also owns the Montviel rare earth carbonatite deposit.


TSXV:GMA - Post by User

Bullboard Posts
Post by outonthetileson Feb 27, 2015 11:20am
61 Views
Post# 23472007

Plan Nord to the rescue? hint hint

Plan Nord to the rescue? hint hint

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The Quebec government must use the funds of the Plan Nord Society for financial support for the North Shore businesses during economic downturns like beating down the region are said an emergency committee consisting of key socio-economic actors in the region .

experiencing difficult times, and Sept-Îles is the barometer. In a year and a half, more than 1,600 jobs were lost in this city of 27,000 inhabitants. Relatively speaking, "it's like 40,000 jobs disappeared in Montreal. Imagine the impact, "said Marc Brouillette, President of the Chamber of Commerce of Sept-Îles.

An emergency committee was created when Cliffs Natural Resources announced the end of the activities of the Bloom Lake mine in November. It consists of the towns of Fermont and Sept-Îles, chambers of commerce and corporate organizations in Port-Cartier and Sept-Îles

The Quebec government has a responsibility to act quickly, says Marc Brouillette. The Committee hopes that the Government specifies the details of use of the Company's Plan Nord funds.

 

This could be used to provide transitions during periods of downturn in the funding of "continuing education" for workers who lose their jobs and help businesses that need to readjust their activities.

The Plan Nord should not be that promise. "We hear it for its good aspects, but less often for its worst aspects. And then we saw one of the worst aspects of the Plan Nord, "said Marc Brouillette.

The announced bankruptcy

Since stopping production Cliffs pelletizing plant in June 2013 - 565 layoffs - the region collects the bad news.

In February, placing its Bloom Lake mine facilities under the protection of the Arrangement Act Companies' Creditors, American Cliffs Natural Resources seems to have decided the fate of many companies.

"Because of the request Cliffs, many of our members will not be paid in the short term, creating considerable financial pressure," said Marc Brouillette. Amounts owed to companies in the region range from "a few thousand dollars to several million."

Above all, it is the permanent impacts of the slowdown that fear Sept-Îles and the surrounding towns. "There are some firms in difficulty who are local gems. If we risk losing them we do not act, "says Brouillette.

Moreover, external skilled workers - fruit of constant efforts during the past decade - are beginning to leave the area. "With an exodus of workers, it is difficult to replace a share expertise and may not return when there is recovery," he said.

Fight the downturn

Quebec must take advantage of the downturn to lay the foundations for recovery, says Marc Brouillette, recalling that "there has been missed opportunities, very interesting, because of the lack of infrastructure."

He cites the example of Austrian steelmaker voestalpine, who preferred Texas in Sept-Îles for a project of transformation since it was difficult to obtain gas on the North Shore.

What will happen if no action is quickly put forward? "We can not afford to even consider this route. The status quo is not an option.Our position could not be clearer, "replies Marc Brouillette.

Government Response

By email, the office of the Minister of Energy and Natural Resources, Pierre Arcand, said that local and regional companies will soon turn to the marketing office will be set up by the Société du Plan Nord. This window will offer "many opportunities related to the Plan Nord", is it said, without elaborating.

As for the responsibilities of the government, it is written that it should play a "key role" when the mining cycle is down "in order to adequately prepare areas for the recovery."

The relaunch of the Plan Nord in brief

20 million to launch a study on a new rail link will improve access to the Labrador Trough.

> Creation of a committee to promote the supply of natural gas from the North Shore and the rest of the Plan Nord territory.

1 billion for the creation of Capital Mines hydrocarbons, of which 500 million for the government to take stakes in projects located on the territory of the Plan Nord.

> Extension of Route 138 and reconstruction of the road from the James Bay and Highway 389.

100 million for the training of indigenous peoples.

3.2 million to support the implementation of the Québec Tourism Strategy North of the 49th parallel.

3 million to contribute to the creation of the Nordic Institute of Quebec, Nordic Development Research Institute.

Source: 2014-2015 Budget, the government of Quebec


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