Orbite Up 29% Ahead of 11 a.m. New Confernece to Discuss Early Study of Alumina, Rare Earth Project in Quebec
Orbite Inc. (ORT.TO) shares are up more than 29% at $3.81 each, gaining 86 cents after trading resumed this morning ahead of the company's 11 a.m. news conference today to discuss the "positive" results in a Preliminary Economic Assessment on its planned smelter grade alumina plant.
Based on the assessment originally issued yesterdy morning, Orbite plans to produce an estimated 539,700 tons per year of alumina along with 189,000 tons of pure hematite, 1.2 million tons of high purity silica, 28,000 tons of magnesium oxides, 104,000 tons of other value-added oxides and 820 tons of rare metal and rare earth oxides. The study also reveals a pre-tax net present value of $7.7 billion, generating a 114% internal rate of return and achieving payback in less than one year.
In addition to the full scale pilot plant near Cap Chat in the Gaspe region of Quebec, Orbite owns the mining rights to more than 6,440 hectares and an estimated 1 billion tons of aluminous clay deposits in the Grande-Vallee region.
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