Geomega Inks Major Deal with Rio Tinto for Bauxite Residue Tech
Geomega Resources Inc. (TSXV: GMA, OTC: GOMRF) has inked a significant deal with global mining giant Rio Tinto. The Joint Development Agreement (JDA) focuses on Geomega's Bauxite Residue Valorization Technology, a move that could reshape the aluminium industry's environmental impact and extract valuable minerals.
Under the JDA, Rio Tinto will purchase a demonstration license for two circuits of the technology, with Geomega retaining all intellectual property rights. The agreement also covers engineering studies and Geomega's provision of basic engineering, support, and test work.
The financial terms are substantial: Geomega expects to receive $1,400,000 in 2025 and $100,000 in early 2026. If Rio Tinto decides to build a demonstration plant, Geomega could receive up to an additional $3,000,000, bringing the total to $4,500,000.
Kiril Mugerman, President and CEO of Geomega, expressed excitement about this major step towards commercial licensing of the Technology, stating that it brings Geomega closer to becoming a leading technology royalties company.
The Technology, if successful, could potentially improve the environmental footprint of alumina refining and extract valuable minerals like DRI, REE, and titanium concentrate. As of my last knowledge in 2023, there are no specific updates from Josette Ross, General Manager of Rio Tinto's Arvida Research and Development Center, regarding this technology in 2025. For the latest information, I recommend checking official press releases or reports from Rio Tinto or Geomega.
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