The pending new owners of the former Espanola pulp and paper mill are investing in critical minerals processing in Niagara.
BMI Group announced April 14 that it’s partnering with and investing in Destiny Copper, a Thorold-based cleantech copper extraction company that produces copper powder from mining and industrial waste.
BMI, largely known for acquiring and redeveloping brownfield properties in Ontario, Quebec and Michigan, said in a news release that it’s bought an undisclosed minority stake in Destiny Copper.
The release said the investment will support the expansion of Destiny and its proprietary technology, a chemistry process which was developed at nearby Brock University.
The company’s ambitions are to go into commercial production with its modular technology by striking joint venture agreements with mining companies and owners of tailings sites to extract copper from mine waste while, at the same time, cleaning up the environment.
The news release said Destiny is also working with the Canadian Space Agency on applications for its copper powder as an additive for rocket fuel.
Ottawa thought so highly of Destiny Copper that FedDev Ontario loaned them $2.5 million in March to scale up its production of copper powder.
Destiny Copper is housed inside BMI’s Thorold Multimodal Hub, a refurbished former paper mill. BMI promotes the Bioveld Niagara property as an “enterprise campus” focused on the development of an energy, innovation, manufacturing and cleantech cluster.
BMI and CEO Paul Veldman signalled last week the company wants to do the same kind of thing in Espanola with its pending acquisition of the former Domtar pulp and paper plant, which closed in 2023. BMI envisions the Espanola mill as a “biohub” that hosts multiple technology tenants at a revamped site, producing alternative fuels from wood fibre.
BMI is also preparing the former Norampac mill site in Red Rock to potentially host a lithium refinery on the north shore of Lake Superior through a co-operation agreement with Rock Tech Lithium.
In a statement, Veldman said by supporting Destiny’s innovative copper recovery technology, “we're enhancing Canada's mining sector with forward-thinking solutions that bring new economic value to environmental stewardship while reinforcing our country's reputation for mining excellence."
Destiny Copper CEO Greg Hanna said their collaboration with BMI will bring about “important strategic benefits” that will “expand and accelerate operations, create new jobs in Niagara, and advance our critical mineral production capabilities."
