Orbite Aluminae receives 20-year mining lease for Quebec project

Thu Sep 6, 2012 10:16am EDT
 
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(Reuters) - Orbite Aluminae Inc ORT.TO said it received a 20-year mining lease for its Grande-Vallee aluminous clay deposit in Quebec.

The clean technology company said the lease, granted by the Quebec government, is a significant step in the feasibility study for its smelter-grade alumina production plant and its high-purity alumina operations.

Orbite offers technologies that help extract alumina and rare earth metals in an environment-friendly manner.

The first 90-acre lease permits a renewable 20-year period of mining on about 70 million tons (77.16 million tons) of aluminous clay, Orbite said in a statement.

Shares of the company, which has a market value of C$376 million, rose more than 5 percent to C$2.21 on Thursday morning on the Toronto Stock Exchange.

(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Saumyadeb Chakrabarty)