Quebec-based Geomega Resources Inc <GMA.V> secured debt financing to build a rare earth magnet recycling demonstration plant in the Canadian province, the company said on Friday.
Geomega said the provincial government's investment body, Investissement Quebec, would provide C$1.72 million in debt financing to build the C$3.2 million facility, which it says will use proprietary technology to recycle rare-earth elements used in cell phones and electric vehciles.
Mineral-rich Quebec has stepped up support for miners in hopes of spurring investment in critical minerals to mixed effect. At least two government-backed companies, North American Lithium and Nemaska Lithium <NMX.TO>, sought creditor protection last year.
(Reporting by Jeff Lewis; Editing by Chizu Nomiyama)