Agreement with Altima to Produce Cheap & Clean Hydrogen in Alberta & British-Colombia

MONTREAL, QC / ACCESSWIRE / February 14, 2023 / St-Georges Eco-Mining Corp. (CSE:SX)(OTCQB:SXOOF)(FSE:85G1) is pleased to announce that its subsidiary H2SX and Altima Resources Limited (TSX-V: ARH) have entered into an agreement via a binding term sheet to move forward with the production of cheap and clean hydrogen (ccH2™) in Canada.

Altima has expressed its intention to use H2SX’s hydrogen production (ccH2™) and nano-carbon technology for the conversion of natural gas originating from gas & condensate wells in Alberta and British Columbia, Canada. H2SX will partner and will work on an exclusive basis with Altima in British Columbia and Alberta in the natural gas domain and for projects and companies that have traditional natural gas production of 65 MMcf/d or less.

In accordance with the provisions of the Terms (ccH2™) Altima will issue to H2SX 6,000,000 common shares upon the completion of milestones as set out in the performance shares schedule (the “Performance Shares“) below:

  • 2,000,000 shares to be issued upon delivery of a preliminary technological engineering report.
  • 2,000,000 shares to be issued upon receipt of a detailed engineering report tailored to Altima’s initial project.
  • 2,000,000 shares upon the delivery of a Preliminary Economical Assessment or a Prefeasibility Study.

These shares will be subject to such further restrictions on resale as may apply under applicable securities laws. The close of the issuance of shares is subject to further review and acceptance by the TSX Venture Exchange.

In addition to the issuance of Performance Shares, Altima has committed to the construction of a hydrogen processing facility utilizing the patented technology. Altima will fund and be co-operator of the hydrogen production plant(s) in relation to the gas wells it currently operates and in the future. One hundred percent of all capital expenditures will be reimbursed to Altima prior to any profit sharing between the joint venture parties.

Altima will be responsible to provide and manage the natural gas input into the joint venture operations and all infrastructures and logistics associated with it and will receive credits for the sale of hydrocarbons to the green hydrogen operation through this producing joint venture.

H2SX and its partner will be entitled to receive a 5% NRR for which a long form royalty agreement (the “Royalty Agreement“) will be executed and will be an integral part of the Joint Venture Agreement between the parties; A formal management structure for the anticipated joint venture will be put in place between the parties.

“(…) We look forward to working with H2SX in moving this exciting zero greenhouse gas (CO2) emission hydrogen production technology, into commercialization and for other prospective green tech opportunities that could benefit from utilizing low-cost green hydrogen (…)” said Joe DeVries, President & CEO of Altima Resources.

“(…) Alberta and British Columbia are strategic locations for H2SX. They will benefit from our low-cost, zero greenhouse gas (CO2) emission hydrogen production technology just as we will benefit from the low costs of their natural gas. A perfect synergy between Altima and us for the benefit of all. The production of cheap and clean hydrogen will spark a multitude of other opportunities such as the production of methanol, ammonia, or fertilizers (urea) with a very low environmental footprint. We can only be excited to start this collaboration with Altima as soon as possible (…,)” said Sabin Boily, CEO of H2SX.



“Frank Dumas”


Director & COO

About St-Georges Eco-Mining Corp.

St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full circle EV battery recycling. The Company explores for nickel & PGEs on the Julie Nickel Project and the Manicougan Palladium Project on Quebec’s North Shore and has multiple exploration projects in Iceland, including the Thor Gold Project. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX and trades on the Frankfurt Stock Exchange under the symbol 85G1 and on the OTCQB Venture Market for early stage and developing U.S. and international companies under the symbol SXOOF. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

SOURCE: St-Georges Eco-Mining Corp.

Tuna fisheries: Seychelles votes against IOTC ban on FADs, citing economic concerns

Seychelles voted against a proposal for the implementation of one of the Indian Ocean Tuna Commission’s (IOTC) latest adoptions of fish aggregating devices as the decision made was not science-based and is influenced by commercial interest.

During the Sixth Special Session of the IOTC from February 3-5, a proposal calling for a 72-day ban on fish aggregating devices (FADs) each year was approved through the use of secret ballot voting. The ban is expected to take effect between July 1 to September 11 in 2024.

The principal secretary for fisheries, Roy Clarisse, who was part of Seychelles’ delegation at the meeting outlined on Monday that Seychelles voted against the proposition.

“Seychelles was pushing for a measure on drifting FADs that is adopted after scientific recommendations have been made. We want the IOTC’s scientific commission, which has been tasked until December 31, to provide advice to the commission. We want the process to be carried out and followed and based on the recommendation of the scientific commission, Seychelles will make its decision,” said Clarisse.

He said the measure was a bit arbitrary and the target was purely for the commercial interest of other parties that do not use purse seiners and FAD fishery.

The proposal is “to ensure that in the end this type of fisheries is no longer economically viable for the region and this will have a huge impact on Seychelles,” said Clarisse.

Fisheries is the second most important industry for the economy of Seychelles, a group of 115 islands in the western Indian Ocean.

He warned that with a collapsed purse seining fisheries in the Indian Ocean, Seychelles will be in socio-economic difficulties as “there is a canning factory that employs a lot of workers, there are stevedores who work with these vessels as well as many other economic activities that revolve around purse seining activities.”

Additionally, this will also have negative impacts on the cost of importation, and in turn the tourism industry, the top contributor to the Seychelles economy.

Talking about the method used to adopt the resolution, Clarisse said that Seychelles feels that the process undermines the aspect of cooperation and consensus that there needs to be within IOTC for the management of tuna.

“We felt that the intentions of countries that are against purse seiners or FADs were not necessary to have a discussion on the proposition. The intention was clearly to push for a vote as there were a lot of delaying tactics to get the commission to adjourn during the preceding of the meeting and as such there wasn’t much time to discuss the proposition,” he explained.

Concern was also expressed by the European Union in an article from The Guardian.

“We were looking forward to a constructive discussion. Unfortunately, the IOTC meeting did not allow for that. Instead, it adopted, without consensus, a measure that according to our assessment lacks scientific basis and that could prove impossible to implement, in addition to having extremely harsh impacts on fishers and local communities. We now need to consider our options. We are determined to make sure the IOTC becomes effective once again,” said an EU commission spokesperson.

Seychelles’ reliance on purse seiners

An independent fisheries expert from Seychelles, Ameer Ibrahim, told SNA on Tuesday that “the PS has well said that there will be negative consequences on the Seychelles’ economy if we adopt the resolution as it is now.”

“For the time being out economy depends primarily on tourism and fisheries. In my opinion, we need to realise that we are heavily reliant on foreign governments, for example, the EU that fish in our waters. It is about time that Seychelles takes ownership of its fishing industry,” he added.

Ibrahim said added that “fisheries is giving more to our economy than 10 years ago and we saw this when we were hit by COVID-19. There was no tourism but our economy was stable enough because we had fisheries. Something that Seychelles must do is evaluate exactly how much money we are getting through fisheries.”

He said that there are also other forms of fishing that Seychelles could look into.

“An example is fly fishing which is a big industry but we classify it as tourism while it is a form of fishery. There is also sports fishing. We need to look at those other forms of fishing that are more sustainable and at the same time generate more money for our economy. A clear example is to do a proper study and quantify exactly how much fishing is giving back to the economy. Then we look at other forms of fishing,” he added.

Federation of Artisanal Fishermen of the Indian Ocean condemns IOTC’s decision

Meanwhile, the Federation of Artisanal Fishermen of the Indian Ocean (FPAOI) has condemned in a press release the decision of the Indian Ocean Tuna Commission (IOTC) to ban purse seiners from using fish aggregating devices (FADs) for 72 days.

The president of the FPAOI, which brings together professionals from the Comoros, Madagascar, Mauritius, Seychelles and Reunion, Keith André of Seychelles, has denounced the ban as a sham.

He said the ban only concerns international waters and therefore leaves all the room in the world for these industrial vessels to sacrifice the future of fish stocks in the exclusive economic zones of their flag countries in the Indian Ocean.

“For the FPAOI, only a total ban on the use of drifting FADs by tuna seiners would be a courageous and effective measure for the preservation and recovery of stocks, particularly yellowfin tuna,” said Andre.

Source: Seychelles News Agency

US Inflation Likely Eased Again Last Month If More Gradually

U.S. inflation likely slowed again last month in the latest sign that consumer price increases are becoming less of a burden on America’s households. But Tuesday’s report from the government may also suggest that further progress in taming inflation could be slow and “bumpy,” as Federal Reserve Chair Jerome Powell has described it.

Consumer prices are expected to have risen 6.2% in January from 12 months earlier, down from a 6.5% year-over-year surge in December. It would amount to the seventh straight slowdown.

On a monthly basis, though, inflation is expected to have jumped 0.5% from December to January, according to a survey of economists by the data provider FactSet. That would be much faster than the 0.1% uptick from November to December.

So-called core prices, which exclude volatile food and energy costs to provide a clearer view of underlying inflation, are also expected to have slowed on a 12-month basis. They are forecast to have increased 5.5% in January from a year earlier, down from a 5.7% year-over-year rise in December.

But for January alone, economists estimate that core prices jumped 0.4% for a second straight month — roughly equivalent to a 5% annual pace, far above the Fed’s target of 2%.

“The process of getting inflation down has begun,” Powell said in remarks last week. But “this process is likely to take quite a bit of time. It’s not going to be, we don’t think, smooth, it’s probably going to be bumpy.”

Average gasoline prices, which had declined in five of the past six months through December, likely rose about 3.5% in January, according to an estimate from Nationwide. Food prices are also expected to have risen, though more slowly than the huge spikes of last summer and fall.

On a brighter note, clothing and airfare costs are thought to have barely budged from December to January. And economists have estimated that hotel room prices fell sharply.

Overall, the government’s inflation report will likely show the continuation of a pattern that has emerged in recent months: The costs of goods — ranging from furniture and clothing to toys and sporting goods — are falling. But the prices of services — restaurant meals, entertainment events, dental care and the like — are rising faster than they did before the pandemic struck and threaten to keep inflation elevated.

Goods have become less expensive because supply chain snarls that had inflated prices after the pandemic erupted in 2020 have unraveled. And Americans are shifting much of their spending toward services, after having splurged on items like furniture and exercise equipment during the pandemic.

Yet average wages are rising at a brisk pace of about 5% from a year ago. Those pay gains, spread across the economy, are likely inflating prices in labor-intensive services. Powell has often pointed to robust wage increases as a factor that’s driving up services prices and keeping inflation high even as other categories, like rent, are likely to decelerate in price.

The Biden White House last week calculated a measure of wages in service industries excluding housing — the sector of the economy that Powell and the Fed are most closely tracking. The administration’s Council of Economic Advisers concluded that wages in those industries for workers, excluding managers, soared 8% last January from a year earlier but have since slowed to about a 5% annual pace.

That suggests that services inflation could soon slow, especially if the trend continued. Still, wage gains of that level are still too high for the Fed’s liking. The central bank’s officials would prefer to see wage growth of about 3.5%, which they see as consistent with their 2% inflation target.

A key question for the economy this year is whether unemployment would have to rise significantly to achieve that slowdown in wage growth. Powell and other Fed officials have said that curbing high inflation would require some “pain” for workers. Higher unemployment typically reduces pressure on businesses to pay bigger wages and salaries.

Yet for now, the job market remains historically very strong. Earlier this month, the government reported that employers added 517,000 jobs in January — nearly twice December’s gain. The unemployment rate dropped to 3.4%, the lowest level since 1969. Job openings remain high.

Powell said last week that the jobs data was “certainly stronger than anyone I know expected,” and suggested that if such healthy readings were to continue, more rate hikes than are now expected could be necessary.

Other Fed officials, speaking last week, stressed their belief that more interest rate increases are on the way. The Fed foresees two more quarter-point rate hikes, at its March and May meetings. Those increases would raise its benchmark rate to a range of 5% to 5.25%, the highest level in 15 years.

The Fed lifted its key rate by a quarter-point when it last met on Feb. 1, after carrying out a half-point hike in December and four three-quarter-point increases before that.

The financial markets envision two more rate increases this year and don’t expect the Fed to reverse course and cut rates until sometime in 2024. For now, those expectations have ended a standoff between the Fed and Wall Street investors, who had previously been betting that the Fed would be forced to cut rates in 2023 as inflation fell faster than expected and the economy weakened.

Source: Voice of America

Automakers Emphasize Choice Amid Push to Electrification

The average price for a new vehicle in the United States soared above $49,000 in December, a record high.

With Americans increasingly price conscious at a time of high inflation and elevated interest rates, customer choice is a prominent theme at the 2023 Chicago Auto Show, the largest and longest-running auto show in North America.

A launchpad for manufacturers to showcase their latest offerings, previous auto shows have highlighted battery powered electric vehicles — commonly known as EVs and BEVs — that herald a carbon-free future for ground transportation.

While many EVs are also on display this year, manufacturers want customers to know they still have other options.

“We believe it shouldn’t be just one formula,” said Toyota regional manager Curt McAllister, noting that the company’s current product lineup, a mix of electric and gas-powered automobiles, reflects customer feedback. “Our customers are telling us they want choices. They just don’t want us to try to pigeonhole them into one subset.”

Which is why Toyota is profiling a fifth-generation Prius, a best-selling hybrid that uses both a battery and a gasoline-powered engine.

“We now have 21 hybrids across Toyota and Lexus,” said McAllister. “So it’s a big part of our carbon neutrality message.”

McAllister said Toyota isn’t ignoring the rapidly growing but more expensive battery powered electric vehicle market. “We know that BEVs are part of the future, but we want to make sure that we have something that not only makes sense but makes sense for their pocketbook.”

Though overall car sales down, EV sales up

Higher interest rates for car loans in 2022 slowed new vehicle purchases, marking the first drop in sales in a decade, even as carmakers worked to overcome supply chain problems such as shortages of microchips.

Even so, the number of EVs sold increased by about 65% from a year earlier, according to research firm Motor Intelligence. EVs made up nearly 6% of all new vehicles sold in the U.S. last year.

Despite recent price cuts for some electric vehicles that make them more competitive with gasoline-powered cars, many Americans remain reluctant to purchase battery powered electric vehicles.

One primary obstacle is what’s known as “range anxiety” — the concern about how far a vehicle can travel before having to recharge in a nation where gas stations still outnumber charging stations.

“Our customer base, some of them are not ready for EVs,” explained Chad Lyons, who is representing General Motors Chevrolet brand at the Chicago Auto Show. “So, actually our plan for the next five years is to offer EVs for those that are ready … but at the same time offer gas-powered vehicles for those that are not ready.”

Lyons said demand for gas-powered sedans has plummeted. As a result, his company’s lineup is focused on sport utility vehicles — commonly known as SUVs — including the redesigned gasoline-powered Trax compact SUV launching later this year, and priced similarly to Chevrolet’s sedans.

“People want vehicles that are higher up [higher riding] — that’s why you see so many SUVs right now being so popular,” he said.

‘The jelly bean proportion’

That preference is also reflected in Chevrolet’s electric vehicle lineup. Later this year, the brand will roll out two new SUV EVs, the Equinox and Blazer, and the choices don’t end there.

“Pickup trucks are the heart of America, and so we are going to offer the Silverado EV as well,” said Lyons.

“Everyone loves muscle cars,” said Dodge design manager Deyan Ninov, adding that customers want vehicles that look less electric and more classic. “I think if you look at all the electric cars out there right now, they all sort of look the same, they all have the same feeling and character they kind of have the same proportions — the jelly bean proportion.”

Ninov’s team has been working on an electric version of Dodge’s iconic Challenger, hoping to bring the “muscle car experience” to the battery-powered vehicle segment.

While manufacturers continue to emphasize choice, President Joe Biden has outlined a plan to ensure 50% of all vehicles on the road by 2030 are all electric. As a number of states consider mandates for electric vehicle adoption, California is leading the way, requiring all new vehicles sold in the state to be electric or hydrogen powered by 2035.

Source: Voice of America