Marimaca eyes ASX dual listing to boost Chile project
The Canadian miner has reportedly engaged law firm Thomson Geer to finalize a prospectus for listing in the ASX before Christmas.
Canada’s Minister of Energy and Natural Resources Jonathan Wilkinson announced on Wednesday over C$16 million ($11.6m) in new funding to support the Saskatchewan Research Council (SRC) in Saskatoon.
The funding builds on earlier support of nearly C$13.5 million ($9.8m) from Prairies Economic Development Canada (PrairiesCan) and Natural Resources Canada (NRCan) for SRC to establish its rare earth processing facility and develop new rare earth mineral processing technologies.
Wednesday’s announcement includes C$15.96 million through PrairiesCan to enable SRC to acquire bastnaesite (a type of ore containing rare earth elements) from Canadian sources and create new domestic capacity for bastnaesite processing, which will be integrated into SRC’s rare earth processing facility.
SRC will process bastnaesite ore acquired from Vital Metals’ Nechalacho operations in the Northwest Territories to produce a mixed rare earth product, which will be further processed using SRC’s solvent extraction and metal smelting technology to produce rare earth metals. SRC will also collaborate with a local educational institution to develop and deliver a training program for Indigenous students to operate bastnaesite processing equipment.
The government of Canada has identified 34 critical minerals, and 27 of those can be found in the province Saskatchewan. The rare earth metals, used in electric vehicles (EVs), wind turbines, electronics, and industrial uses, produced from SRC’s recent purchase of bastnaesite alone could be used to power 62,500 electric vehicles.
The government of Canada has identified 34 critical minerals, and 27 of those can be found in the province Saskatchewan
The demand for critical minerals to power the clean economy is expected to double by 2030, according to the International Energy Agency.
Since 2020, the SRC has taken the lead in processing and commercializing value-added products using rare earth elements throughout the development of its rare earth processing facility in Saskatoon, the first of its kind in Canada.
The investment of C$209,330 from NRCan, under the Critical Minerals Geoscience Data (CMGD) initiative, will help SRC create a publicly available database of mineral characteristics, which will expand the understanding of critical mineral deposits in Canada and reduce mining waste. The new data will help make better predictions about the types of deposits that can be identified by sensor-based sorting, reducing the costs of developing critical mineral deposits into mines and the energy consumption and waste associated with these mines.
“Our government is investing in the economic opportunities presented by our critical minerals wealth, ensuring that Canadians will benefit from the mining, processing and sale of rare earth elements and other critical minerals through the creation of good jobs, expansion of the mining sector, and prospects for future innovations and reduced emissions,” Wilkinson said in a news release.
Jeremy Harrison, minister responsible for the SRC, said this investment will further advance Saskatchewan’s role on the global stage as a reliable supplier of safe and sustainable rare earths that the world needs for energy production.
“The acquisition of bastnaesite from Northwest Territories secures the necessary resources for SRC’s rare earth processing facility to produce additional rare earth metals,” Harrsion said.
“This will help ensure critical mineral security for Canada’s allies and partners while preventing these strategic critical minerals from being sent to overseas jurisdictions that threaten our national security.”
