Federal gov’t, Saskatchewan swipe sale of N.W.T. rare earth metals from Chinese buyer – by Rose Danen (CBC News North – June 19, 2024)


Vital Metals sells stockpile to Saskatchewan Research Council for $3.3M

Vital Metals announced Monday that it’s selling its stockpiled rare earth material to the Saskatchewan Research Council for $3.3 million. This material comes from the North T deposit at the Nechalacho mine, 110 kilometres from Yellowknife.

Natural Resources Canada, along with Energy and Natural Resources Minister Jonathan Wilkinson, directly facilitated this transaction, which has the effect of keeping rare earth materials out of Chinese hands.

Vital Metals previously said back in December it planned to sell the stockpile to Chinese company Shenghe Resources for $2.6 million. This planned sale had been announced along with the news that Shenghe had purchased a 9.9 per cent stake in the Australia-based mining company.

“During the process, we became aware of a high-level interest in keeping the materials in Canada, for Canada,” said Geordie Mark, managing director and CEO of Vital Metals.

For the rest of this article: https://www.cbc.ca/news/canada/north/vital-metals-sale-canada-1.7240507