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Quebec grants a 20-year mining lease to Orbite Aluminae for Grande-Vallee project
Edited by : AL CIRCLE
2 min read
Orbite Aluminae said Thursday Quebec's Ministry of natural resources granted the company a 20-year renewable mining lease at its Grande-Vallee property.
Shares popped 3.33 per cent to $2.17 each on the Toronto Stock Exchange on Thursday mid afternoon.
The lease is a major step to support Orbite's feasibility study now underway for a production plant and for high-purity alumina operations.
In a statement, Richard Boudreault, chief executive, said the lease shows Orbite is meeting key milestones and progressing according to schedule.
The first 90-acre mining lease allows a renewable 20-year period of mining on about 70 million tonnes of aluminous clay.
Additionally, the company noted it is ahead of schedule in constructing its high purity alumina plant, which is slated to go into production in first quarter 2013.
In June, Orbite announced that it produced the first commercial samples of heavy rare earth oxides from its shale clay deposit in Grande-Vallee, Quebec.
It produced commercial samples of ittrium, erbium, scandium and gallium, which should help to reduce economic risks related to Chinese concentration separation techniques.
The company said it is the only company, to its knowledge, with an operational extraction technology for heavy rare earth oxides.
The company expects to be the first to produce separated heavy rare earth oxides and scandium oxide in North America from alumina shale clay, as early as 2014.
Shares popped 3.33 per cent to $2.17 each on the Toronto Stock Exchange on Thursday mid afternoon.
The lease is a major step to support Orbite's feasibility study now underway for a production plant and for high-purity alumina operations.
In a statement, Richard Boudreault, chief executive, said the lease shows Orbite is meeting key milestones and progressing according to schedule.
The first 90-acre mining lease allows a renewable 20-year period of mining on about 70 million tonnes of aluminous clay.
Additionally, the company noted it is ahead of schedule in constructing its high purity alumina plant, which is slated to go into production in first quarter 2013.
In June, Orbite announced that it produced the first commercial samples of heavy rare earth oxides from its shale clay deposit in Grande-Vallee, Quebec.
It produced commercial samples of ittrium, erbium, scandium and gallium, which should help to reduce economic risks related to Chinese concentration separation techniques.
The company said it is the only company, to its knowledge, with an operational extraction technology for heavy rare earth oxides.
The company expects to be the first to produce separated heavy rare earth oxides and scandium oxide in North America from alumina shale clay, as early as 2014.
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