Critical Mineral Recovery (CMR), a company devastated by a fire in Fredericktown, Missouri, is not only planning to rebuild but also to expand its operations. This move includes a merger with a Florida-based company and four South Korean companies to form Evolution Metals. The merger aims to address the need for magnets in electric vehicles, a market currently dominated by China.
Attorney Al Watkins, representing CMR, announced that the new headquarters for Evolution Metals will be located in St. Louis, marking a significant development for the city. The company plans to create 60 jobs in St. Louis and potentially acquire 100 acres in Fredericktown to build a new campus, which could generate 400 jobs over the next four years.
However, residents in Fredericktown remain wary following the recent fire incident that led to evacuations and concerns about air quality. Kimi Royer is spearheading a concerned citizens group to ensure that the community’s voice is heard regarding the expansion plans. She emphasized the importance of transparency from elected officials and the need for public support for the new developments.
In response to these concerns, CMR has outlined strategies in a new SEC filing to improve fire suppression technology and isolate high-risk areas of the recycling process into separate buildings. Despite these efforts, Royer expressed skepticism about the level of support for the proposed changes among the local population.
The community’s apprehension highlights the importance of engaging with residents and addressing their worries to ensure a smooth transition for Evolution Metals. As the company aims for NASDAQ approval for public trading by the end of the year, building trust and transparency with the community will be crucial for its success in the region.
