Lomiko Encouraged by ERGI, RARE Act & ORE Act as Legislators Aim at Reducing Chinese Dependence on Critical Metals by Support...
September 09 2020 - 11:00AM
Business Wire
Lomiko Metals Inc. (“Lomiko”) (TSX-V: LMR,
OTC: LMRMF, FSE: DH8C) is
focused on the exploration and development of graphite for the new
green economy. Lomiko has been monitoring emerging legislation
aimed at reducing dependence on Chinese supply of graphite, lithium
and other electric vehicle battery materials.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200909005776/en/
Quebec Crystalline Flake Graphite (Photo:
Business Wire)
Congressmen Lance Gooden (R-TX) and Vicente Gonzalez (D-TX)
recently introduced a bill that seeks to decrease the U.S.’s
dependence on China for critical metals. The bill, dubbed the
Reclaiming American Rare Earths (RARE)
Act, aims to establish tax incentives for domestic
production of rare earths.
The Congressmen statement sounds the alarm regarding critical
metals production: “The United States is more dependent than ever
on the importation of the resources that drive our economy, enable
us to build advanced technology, and ensure our national security,”
Gooden’s office said in a release. “Thirty-five of these rare earth
minerals are designated by the Department of Interior as
‘critical’, and we source fourteen of them entirely from foreign
suppliers. China is a leading supplier for twenty-two of the
thirty-five. The RARE Act is
specifically designed to change that.”
Earlier this year, Sen. Ted Cruz introduced similar legislation,
dubbed the Onshoring Rare Earths Act of 2020,
or ORE Act. Further, on December 18, 2019 Canada announced
that it had joined the U.S.-led multilateral Energy Resource
Governance Initiative (ERGI). ERGI aims to support secure and
resilient supply chains for critical minerals by identifying
options to diversify supply chains and facilitate trade and
industry connections.
Canada, and especially Quebec, are perfectly situated to supply
the U.S. with many of the critical minerals it is seeking to secure
due to an extensive selection of mineral projects. Also, strong
political and economic ties, a stable political, economic and
regulatory environment and a robust metals and mining sector. Of
the 35 critical metals identified by the U.S., Canada is a sizable
supplier of 13 of such minerals including graphite, lithium and
manganese to the U.S. and the second-largest supplier of niobium,
tungsten and magnesium. Canada also supplies approximately one
quarter of the uranium needs of the U.S.
“Initial indications are that La Loutre Graphite Property is
high-quality and high-grade and thus worthy of development.” stated
A. Paul Gill, CEO. “The only operating graphite mine in North
America which is the Imerys Graphite & Carbon at Lac-des-Îles,
is 30 miles northwest of La Loutre and has operated for 30 years.
It reported proven reserves of 5.2 M Tonnes at a grade of 7.42 % Cg
in July 1988 before the start of production.” (Reference: Potentiel
de la minéralisation en graphite au Québec, N’Golo Togola, MERN,
page 31, Conférence Québec Mines, November 24 2016).
Graphite demand is expected to increase exponentially for the
mined natural graphite material, as more is used in the production
of spherical graphite for graphite in the anode portion of Electric
Vehicle Lithium-ion batteries. The near-term goals of the company
are as follows:
1) Complete 100% Acquisition of the Property, currently 80%
owned by Lomiko Metals.
2) Complete metallurgy and graphite characterization to confirm
li-ion anode grade material.
3) Complete a Technical Report to confirm the extent of the
mineralization equals or surpasses the nearby Imerys Mine, owned by
international mining conglomerate.
A "technical report" means a report prepared and filed in
accordance with this Instrument and Form 43-101F1 Technical Report,
and includes, in summary form, all material scientific and
technical information in respect of the subject property as of the
effective date of the technical report;
4) Complete Preliminary Economic Assessment (PEA)
A PEA means a study, other than a pre-feasibility or feasibility
study, that includes an economic analysis of the potential
viability of mineral resources.
For more information on Lomiko Metals, Promethieus, review the
website at www.lomiko.com, and www.promethieus.com, contact A. Paul
Gill at 604-729-5312 or email: info@lomiko.com.
On Behalf of the Board
“A. Paul Gill”
Director, Chief Executive Officer
We seek safe harbor. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange), accept responsibility for
the adequacy or accuracy of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200909005776/en/
A. Paul Gill 604-729-5312 info@lomiko.com
Lomiko Metals (TSXV:LMR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Lomiko Metals (TSXV:LMR)
Historical Stock Chart
From Sep 2023 to Sep 2024