MONTREAL, May 27, 2020 (GLOBE NEWSWIRE) -- Canadian Metals Inc. (“CME” or the “Company”) (CSE: CME) announced a management and project review on April 24, 2020 for its silicon metal project. Silicon metal’s main applications are in the energy saving sector such as photovoltaic applications and play an important role in the global energy transformation.
The production of silicon metal requires significant amounts of electricity and Quebec has the great advantage of green hydro power and the wood industry to provide renewable sources for woodchips used in the process. Unfortunately, the process still requires coal as an irreplaceable input material. Therefore, we have set ourselves the goal of fully compensating the gas emissions from coal.
We want to combine the future silicon metal plant with a CO2 neutralization solution with the objective of capturing, reducing, and recycling pollution by CO2 and particles before their release into the atmosphere and creating the first CO2 free silicon metal production from non-renewable sources. We strongly believe that Governments around the world will increase CO2 taxes or similar soon.
The Company announces its intention to proactively research, assess and conduct due diligence on potential new opportunities in the CO2 neutralization industry. We have a plan to capture CO2 from non-renewable sources of our future silicon metal plant and to use it in the processing of various high value-added products.
Stéphane Leblanc, President and Chief Executive Officer of Canadian Metals, said: "The company's management is exploring several opportunities to create shareholder value by avoiding future Co2 emission cost by combining our silicon metal project with the CO2 neutralization industry. "
Meanwhile, management continues to move forward with its comprehensive review of its industrial feasibility study with the following objectives;
- build one of the most competitive silicon factories on a net CO2 basis,
- develop renewable resources,
- participate in regional economic development,
- take advantage of Quebec talents and know-how and
- create wealth and major economic benefits for all stakeholders
- generate employment
There are currently no new transactions in place and there can be no assurance that the company will successfully complete a transaction for a new combined project in the future.
About Canadian Metals Inc.
Canadian Metals is a company focused on creating shareholder value through the development of its industrial silicon metal project in Quebec, Canada. The goal is to produce a 100% green silicon metal and to become the first producer with a carbon neutral product.
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