Avalon Advanced Materials Inc of Toronto, ON has entered into a binding letter of intent to purchase ownership of 2333382 Ontario Inc, a private Ontario corporation which owns four industrial minerals properties and a demonstration-scale processing plant located at Matheson, ON.
Among the industrial minerals property assets owned by 2333382 is an asset transfer agreement giving 2333382 the right to acquire full title to the Cargill Carbonatite Complex near Kapuskasing, ON. The property hosts significant concentrations of critical minerals, contained in both the bedrock and in the tailings from a historic phosphate mining operation at the site.
Don Bubar, Avalon’s CEO, commented, “Over the past few years we have been looking at a number of opportunities to get access to closed mine sites with potential to recover critical minerals like rare earth from mine wastes, while remediating the long term environmental liability. The Cargill site represents the most attractive such opportunity we have looked at to date. It offers near term revenue streams from sales of tailings for fertilizer applications plus the future opportunity to extract critical minerals and make purified derivative fertilizer products.”
Volume 35, Issue 04