West High Yield WHY Resources Ltd (TSXV:WHY) started its trading session with the price $0.38 and closed at price of $0.38 by scoring 0% on Tuesday. Day range of the stock was $0.38 – $0.38. WHY stock traded with total volume of 39400 shares while the average trading capacity remained 15459 shares. Earnings per share was $-0.04. WHY has total market capitalization of $23953100.
West High Yield (W.H.Y.) Resources Ltd. (TSXV:WHY) reported that it has submitted the Project Description for the Record Ridge Industrial Mineral Mine Application to the British Columbia Ministry of Energy Mines and Petroleum Resources (MEMPR). This submission initiates the permitting engagement and review process, which will be led by MEMPR and include other government agencies including the British Columbia Ministry of Environment and Climate Change Strategy and Ministry of Forests, Lands Natural Resource Operations and Rural Development, together with First Nations.
The Company is seeking permits authorizing construction, operation, closure and reclamation of an Industrial Mineral Mine with annual extraction of up to 249,000 tonnes/year of Magnesium-rich serpentinite for a two-year period. Magnesium-rich material would be transported off-site to a processing facility to produce magnesium oxide.
Magnesium oxide and magnesium metal are used in many industries including automotive, aerospace, agriculture, consumer goods, health care, construction and has industrial applications, including steel production, aluminum alloy, and as a soil additive. Magnesium metal is lightweight (33% lighter than aluminum) with high strength properties, ideal for automotive weight reduction design and is also currently in design testing for electrical batteries.
The permitting engagement and review process is expected to be complete within six months. The Company is seeking key authorizations under the BC Mines Act and BC Environmental Management Act.
Category – Technology
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