Imperial Mining Awarded a $100,700 Grant to Undertake a Comprehensive Scandium Market Study
MONTREAL, Dec. 20, 2021 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it has partnered with Investment Quebec and the Baie-Comeau Regional Industrial Development Agency (“IDM”) to undertake a comprehensive scandium market study. The study will look at the benefits of establishing a North American supply of scandium and scandium-aluminum alloys products and determine the industrial and technological development impacts on the Baie-Comeau region, in general, and the Quebec aluminum industry, in particular.
In July 2021, a collaboration agreement was signed between Imperial Mining Group and Innovation et Développement Manicouagan. This agreement was the catalyst for the awarding of a $100,700 grant by Investissement Québec ($ 50,700) in the SME Action Plan program and the Entrepreneurial Equity Fund of ID Manicouagan ($ 50,000) to support scandium market research.
“We are grateful to the Government of Quebec and Innovation and Development Manicouagan for supporting Imperial's vision for a strong North American scandium industry," said Peter J. Cashin, President and Chief Executive Officer of Imperial Mining Group. “The results of the study will be an important input to the Preliminary Economic Assessment (PEA) currently underway and will quantify the significant growth potential of the global scandium alloy products market once our Crater Lake operation is commissioned. It will also demonstrate the significant economic and strategic benefits that a sustainable scandium supply chain will bring to the province of Quebec and its world-class green aluminum industry. From Imperial's perspective, the Baie-Comeau region offers significant advantages due to the availability of low-cost green hydropower, the deep-water port, the expertise of the aluminum workforce and a vibrant northern community.”
"In Quebec, we can be proud to have the opportunity to produce scandium from an important mineral deposit like we see at Crater Lake and the greenest aluminum in the world,” said Pierre Fitzgibbon, Minister of Economy and Innovation and Minister responsible for Regional Economic Development. “It is now time to join forces and prepare Quebec industry for the arrival of scandium-aluminum alloys, making them more durable and more resistant. This metal will be an important contributor to reducing manufactured platform weight."
“Baie-Comeau offers many opportunities for allied metal producers, such as Imperial Mining Group, to be strategically located near a major green aluminum production center and a value-added smelter for the North American automotive industry,” said Guy Simard, Director of Industrial Development at ID Manicouagan. “In addition, Imperial's project has the potential to contribute to the advancement of two important strategies of the Government of Quebec, namely the Quebec aluminum development strategy and the action plan for the value creation in critical and strategic mineral sector.”
MARKET STUDY OBJECTIVES
IPG views that the industrial port zone of Baie-Comeau an ideal choice for the establishment of scandium oxide and master alloy production capacity for the Crater Lake development. The market study will look at the implications and impacts of establishing a scandium supply chain in the Baie-Comeau region, in general, and as well as the broad Quebec aluminum industry. The study will be addressing two broad themes, being:
Market Analysis and Economic Opportunities
Conduct market analysis of the potential scandium downstream applications, including identifying key trends, manufacturing techniques emerging market segments, including evaluating each market for cost sensitivity.
Estimate carbon offsets for each downstream application.
Conduct market outlook for scandium oxide consumption for a 25-year timeframe for each application.
Conduct SWOT analysis of the Imperial Mining Group.
Market Sizing and Socioeconomic Impact Assessment
Assess the IPG’s addressable market opportunities in Quebec.
Estimate direct, indirect, and induced economic impact of the IPG scandium oxide production and economic impact of the aluminum ecosystem in Baie-Comeau.
Assess broader socioeconomic benefits of the scandium production and applications in Quebec’s industries, including but not limited to, follow-on investment, and strengthening of existing manufacturing clusters.
The market study work commenced on October 22, 2021 and will be completed by the end of Q1 2022. Results of the study will be incorporated into the Crater Lake project PEA which is currently being undertaken by WSP Canada (see Imperial Mining Press Release, November 5, 2021).
ABOUT IMPERIAL MINING GROUP LTD.
Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Québec. Imperial is publicly listed on the TSX Venture Exchange as “IPG” and on the OTCQB Exchange as “IMPNF” and is led by an experienced team of mineral exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.
ABOUT ID MANICOUAGAN
An economic development organization, IDM supports entrepreneurship through advisory and financing services (loans and grants) to businesses and community organizations. It acts in the industrial development and socio-economic development of the Manicouagan area to maximize the benefits for the region and facilitate the networking of the various partners.
For further information please contact: | ||||
Peter J. Cashin | CHF Capital Markets | |||
President and Chief Executive Officer | Cathy Hume, Chief Executive Officer | |||
Phone: +1 (514) 360-0571 | Phone: +1 (416) 868-1079 x251 | |||
Email: info@imperialmgp.com | Email: cathy@chfir.com | |||
Website: www.imperialmgp.com | Twitter: @imperial_mining | Facebook: Imperial Mining Group | ||
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