https://www.theglobeandmail.com/
Torngat Metals Ltd. is raising $165-million from the federal government as it attempts to put a rare earths mine and refinery into production in Quebec at a time when China’s dominance of the sector is causing high anxiety for the West.
Montreal-based Torngat said in a news release Tuesday that Export Development Canada has agreed to provide it with a bridge loan of $110-million, while Canada Infrastructure Bank will lend $55-million. The company plans to put the funds toward engineering work, environmental studies and early construction efforts to move along its Strange Lake project in the remote Nunavik region of northern Quebec.
Canada currently has no rare earths mines and limited processing capabilities. China mines about 69 per cent of global rare earths and has a 95-per-cent share in processing. At this week’s G7 summit in Alberta, leaders vowed to collaborate on securing better access to critical minerals within the G7 to counter the threat posed from overreliance on China.
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