Search Minerals, a mining and exploration company, is making plans for a rare earth elements mine on the southeast coast of Labrador.
The company, based in both British Columbia and Labrador, discovered the Port Hope Simpson Rare Earth Element District, a belt in the area about 70 kilometres long and up to eight kilometres wide.
are earth elements are used to make such things as batteries, electronics and magnets. Search Minerals president Greg Andrews said the company has received a preliminary economic assessment on its “Foxtrot” project, in the Fox Harbour area, to see if it’s economic to move into production.
Andrews said it’s all good news so far.
“With those numbers, with the low capital costs, it leads us to believe to continue working on that project,” he told Labrador Morning.
“We believe that we can be financeable at a cost of $152 million. In the rare earth space, that’s quite a low number for an initial capital cost compared to other projects,” Andrews said.
The mine plan calls for eight years of open pit mining and six years underground.
Andrews said other prospects in the district also look promising and could fit into the economics of the planned mine.
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