St-Georges Eco-Mining (SX.C) received an offer today to enter into a formal partnership on a feasibility study regarding a proposed electrical vehicle battery recycling site and plant in Baie-Comeau, Quebec today, which could result in the company starting its operations in 2021, according to a press release.
The letter of intent came from Innovation & Development Manicouagan, and detailed the support of the local community for St-George’s first plant. Thus far, St-Georges has determined a site for the plant, which is already host to similar operations, and Manicouagan has proposed the study parameters to encompass and include the financial, strategic, technical and environmental aspects of the endeavour.
“Innovation & Development Manicouagan’s intent to partner with St-Georges to complete this feasibility study, validates our initiative to recover and recycle key materials from EV batteries in an ecologically sound manner. The team at St-Georges has done an outstanding job of pulling everything together expeditiously — we are purposefully setting a fast pace, now and in the future, for the development of our battery recycling technology,” said Paul Pelosi Jr, president of EVSX, St-Georges subsidiary.
Montreal-based St-Georges is ostensibly a exploration company, searching for Canadian energy metals and gold in Iceland. They’re also in the business of development new technologies to lessen the environmental impact and problems associated with the mining industry. They have active mineral tenures in Iceland, and explore for nickel and PGEs on the Julie Nickel Project and the Manicougan Palladium Project in Quebec.
The partners anticipate getting to work on the study by mid-March, as well as assisting the company with all of its negotiations and attendant provincial and local government regulatory processes.
SX shares spiked 15% on the news, now trading at $0.69, continuing a stratospheric climb that’s seen the company’s fortunes rise from their late November low of $0.08.