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Orbite shares surge after aluminum production
Edited by : AL CIRCLE
1 min read
Shares in Orbite VSPA Inc. surged as much as 18.4% in morning trading after the Quebec junior miner said it produced the first samples of aluminum at its Cap Chat pilot plant.
The stock rose from its previous close of $3.65 to a high of $4.32 before tapering back.
Orbite chief executive Richard Boudreault, who founded the company, has developed a patented technology for producing alumina by extracting it from clay. The clay is abundant in the Grand Vallée in Quebec’s Gaspé region.
Producing the raw material locally would save his potential aluminum producer customers millions of dollars a year in transportation costs because the bulk of the alumina used by Quebec’s aluminum makers is now shipped in from Jamaica and Brazil. Orbite owns the mineral rights to 3,500 hectares of land in Grand Vallée area
The stock rose from its previous close of $3.65 to a high of $4.32 before tapering back.
Orbite chief executive Richard Boudreault, who founded the company, has developed a patented technology for producing alumina by extracting it from clay. The clay is abundant in the Grand Vallée in Quebec’s Gaspé region.
Producing the raw material locally would save his potential aluminum producer customers millions of dollars a year in transportation costs because the bulk of the alumina used by Quebec’s aluminum makers is now shipped in from Jamaica and Brazil. Orbite owns the mineral rights to 3,500 hectares of land in Grand Vallée area
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