(via TheNewswire)
Agreement for Joint Venture
The future partners agreed to work on a final agreement to be executed in the first quarter of 2024 that calls for establishing an Italian jointly-owned corporation. That entity would qualify for Italian permitting and be eligible for Italian and European governmental subsidies and financial support for recycling operations.
The partners expect the joint venture to be majority Italian-owned (51%), with EVSX owning the balance (49%) and retaining ownership of its processing circuit. Both partners will be able to extend the agreement to then contribute their respective eco-technologies for processing critical minerals concentrate, also known as blackmass, resulting from the batteries processing operations depending on the particular critical minerals concentrate chemistry available at the time.
“We are excited about this path we are charting with
AraBat would be responsible for securing the plant’s location, obtaining the permitting and the regional governments financial support, and solidifying battery allocation contracts.
EVSX would assign one of the processing units it had already manufactured and will upgrade it to Italian certification requirements. (See news release dated
The Italian industrial plant planned would have an initial capacity of 10,000 tons a year, and its costs are estimated at around
“All the technologies within the consortium are considered to be efficient and world-class for environmental footprint. This is an exciting time for both companies, and the approach allows for revenue generation more rapidly for both groups within
The joint venture will initially collect batteries and then process them at EVSX’s Canadian plant in
In the future, the European battery allocation provided by AraBat or sourced by EVSX in
About AraBat SRL
AraBat is a circular economy start-up implementing “the most cost-effective and sustainable lithium batteries recycling process in the world”. Our innovative hydrometallurgical technology allows to recycle spent lithium batteries through the use of agri-food waste and recover their precious metal compounds (lithium, cobalt, manganese, nickel, others) without polluting. Our circular business is based on offering a strategic recycling service to the battery manufacturers and the sale of the critical raw materials we recover. Our company is also involved in developing other circular processes, the production of renewable energy, and consultancy activities in the field of the green economy. Sustainability and circular economy are fundamental values in AraBat’s corporate strategy.
ON BEHALF OF THE BOARD OF DIRECTORS
‘Neha Tally’
Corporate Secretary
2.About St-Georges Eco-Mining Corp.
St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full-circle battery recycling. The Company explores for nickel & PGEs on the Manicouagan and Julie Projects on Quebec’s
Visit the Company website atwww.stgeorgesecomining.com
For all other inquiries:public@stgeorgesecomining.com
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