18 June 2013 14:26 [Source: ICIS news]
TORONTO (ICIS)--Innovation Metals plans to build a rare earths toll processing facility at Becancour in Canada’s Quebec province, according to a statement issued by the Toronto-listed firm on Tuesday.
Innovation said it signed non-binding letters of intents (LOI) with three rare earths exploration companies for the project. It did not name the three companies.
“The LOIs now in place represent the fulfilment of the initial 7,500 tonne/year rare-earth oxides capacity that [Innovation] is planning for phase 1 of the Becancour separation facility, with the potential for additional capacity requirements from the same future producers,” the company said.
Gareth Hatch, president of Innovation Metals, added: “We believe that toll separation via an independent facility provides the most effective means for future producers to realise the full value of their rare earths.”
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