Miner backed by Canadian province vows to compete with China in rare earths
Saskatchewan, home to copper, potash and uranium mines, aims to become first North American commercial alternative for the metals
The Canadian province of Saskatchewan has vowed to compete with China in processing and production of rare earths and become the first North American commercial alternative source for the metals, used to make magnets for electric vehicles and wind turbines.
The Saskatchewan Research Council Rare Earth Processing facility is betting on demand for these magnets to jump in the next couple of years, driven by demand from original equipment manufacturers such as carmakers.
China controls 95 per cent of the global production and supply of rare earth metals. The near-monopoly allows the country to dictate prices and create uncertainty for end users through export controls.
