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Defense Metals (TSXV: DEFN) and the Saskatchewan Research Council (SRC) have entered into a memorandum of understanding (MOU) with the aim of enhancing the rare earth element (REE) supply chain in Canada.
Rare earth elements are key components for the manufacturing of magnets powering electric vehicles and wind turbines. China currently controls 95% of the global production and supply of these critical minerals.
The MOU, says Defense Metals, provides a framework for the parties to leverage their respective capabilities and interests in the supply and processing of rare earth materials that are especially critical to the production of rare earth magnets.
Defense Metals is currently developing the Wicheeda REE deposit in British Columbia, estimated to contain over 34 million tonnes of measured and indicated resources grading 2.02% total rare earth oxides (TREOs), for nearly 700,000 tonnes of TREOs.
SRC represents Canada’s second-largest research and technology organization, and is currently building a rare earth processing facility in Saskatoon that has received over C$100 million in government funding.
“This MOU represents a significant step forward in our goal of becoming part of a secure and sustainable supply chain for rare earth elements in North America,” Defense Metals executive chairman Guy de Selliers said in a news release.
“By working together with SRC, we believe we can make substantial progress toward closing the rare earth supply chain loop and ensuring the availability of these critical materials for green energy and defence applications that are essential for national security,” he added.
SRC’s processing facility recently begun production on a commercial scale, making Saskatchewan the first and only jurisdiction to do so in North America. The Council expects to hit a production target of 40 tonnes of rare earth metals a month by the end of this year.
