Mining veteran wants to build a $1B battery metals giant

VIDEO: The project has an estimated 75-80% heavy rare earth oxide content.

Along with copper and nickel resources, the Ontario region holds the single largest deposit of chromite on the continent.

Rare earth's are 'strategic' metals, used in smart phones, electric cars, and military equipment.

Recovery slowed in 2012 but a return to long-term growth is certain.

How the mighty have fallen.

Billionaire Alexander Nesis, state-owned Rostec reach $1bn deal to develop world's largest rare earth deposit and take control of Russia's REE stockpiles.

The company cited low prices and productivity as reasons for the decision.

The government is encouraging more business mergers and forming megacorporations.

Under-capitalized and labour intensive.