Canada Rare Earth Has Selected Two Potential Locations for a Rare Earth Refinery
June 9, 2020
Canada Rare Earth Has Selected Two Potential Locations for a Rare Earth Refinery
Vancouver, British Columbia: Canada Rare Earth Corp. (“Canada Rare Earth” or the “Company”) (TSX.V: LL) is pleased to announce the selection of two regions within South America as suitable for the establishment of a rare earth refinery.
The selection is a result of a study commissioned and announced on February 18, 2020, which had the mandate of selecting the best two regions of six short-listed potential regions in which to locate the Company’s proposed South American rare earth refinery.
Canada Rare Earth, with the help of a lead consultant, selected two regions based on a number of criteria including:
- Availability of known sources of input materials (rare earth concentrates and chemicals);
- Logistics and economics of transporting concentrates and chemicals to the selected site and of finished products (full spectrum of commercially traded are earth oxides and metals) to domestic and international markets;
- Availability of infrastructure such as water, power and modes of transportation;
- Existing and established relationships with persons having relevant experience and extensive connections in the region;
- Government support for business and industrial development and incentives such as tax waivers and concessions, grants and other financial support; and
- Availability and suitability of local employment base.
Canada Rare Earth will be pursuing the two regions simultaneously in order to maximize potential negotiating positions. Accordingly, the Company has not, as of this date, made a production decision as the initiative is subject to a number of factors including permitting and finance.
Chris Goodman, Managing Director of Canada Rare Earth’s South American operations stated, “we studied the six regions in detail and spoke with knowledgeable individuals who have experience in the regions. Our work enabled us to confidently identify two regions that are superior for the siting of our refinery.”
Peter Shearing, Chief Operating Officer of Canada Rare Earth commented, “This greenfield initiative is based on our proven ability to source rare earth concentrate and our access to proven rare earth refinery design, construction and very importantly, operating experience.”
Tracy A. Moore, Chief Executive Officer of the Company explained, “We are placing a high priority on South America to deliver on our strategy while concurrently moving forward with the permitting of the completed rare earth refinery in Lao and with participation in another completed refinery.”
On behalf of the Board,
Tracy A. Moore, CEO and Peter Shearing, COO
ABOUT CANADA RARE EARTH CORP.
Canada Rare Earth is developing an international supply network business based on our commodity-trading platform and existing, developing and planned processing facilities. We are generating revenues and gross profits as we develop our network based on the rare earth industry and with increasing attention directed to valuable by-products. Our business involves sourcing, adding value and selling rare earths and other mineral products in all stages and forms utilizing proprietary, affiliated and third-party sources and facilities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-looking statements in this release are made pursuant to the ‘safe harbour’ provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
We seek Safe Harbor.
For more information on the Company, interested parties should review the Company's filings that are available at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
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Tracy A. Moore Chief Executive Officer |
Peter Shearing Chief Operating Officer |
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Telephone: (604) 638-8886 Website: www.canadarareearth.com |
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