(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