MONTREAL, Dec. 20, 2021 /CNW Telbec/ - Imperial
Mining Group Ltd. ("Imperial") (TSXV: 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:
1. 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.
2. 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.
Website: www.imperialmgp.com Twitter: @imperial_mining Facebook: Imperial
Mining Group
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Imperial Mining Group Ltd.