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Red Metals - Sybella Rare Earth Project Review, page-38

  1. BaltasarG
    3,911 Posts.
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    01/07/24
    13:41
    Post #: 74548737
    Here you go mate.

    https://www.mining.com/web/canada-blocks-chinese-rare-earths-deal-in-trudeau-led-crackdown/

    Canada’s government will buy stockpiled rare earth materials from Vital Metals Ltd. in a deal that prevents the company from selling its production to a Chinese buyer.


    The small Australian firm, which mines rare earths in Canada’s Northwest Territories, will sell its stockpiled rare earth material to the Saskatchewan Research Council for C$3 million ($2.2 million). The arrangement, facilitated by Canada’s federal government, keeps Vital from moving forward on a plan it started in December to sell that same stockpile to China’s Shenghe Resources Holding Co. for C$2.4 million ($1.7 million).

    Canada recognizes the rare earths mine as a “strategic asset that contributes to the country’s prosperity and critical mineral goals,” Vital Metals said Monday.

    The intervention is part of a from delving further into Canada’s critical minerals sector. Prime Minister Justin Trudeau’s government has warned it will closely scrutinize transactions between domestic mining companies and Chinese government-linked firms and only approve deals “on an exceptional basis.” In 2022, it ordered three Chinese investors to sell their stakes in a trio of Canadian lithium firms.

    In May, Canadian copper miner Solaris Resources Inc. dropped a financing deal with a Chinese firm after the arrangement was subject to a lengthy national security review from the federal government.

    Vital’s stockpiled material will go toward a rare earths processing facility being built by the Saskatchewan Research Council, which has made similar purchases. The government-run council previously signed an agreement to import rare earth carbonate from Hung Thinh Group, a Vietnamese minerals producer.


    RDM Price at posting: 15.5¢ Sentiment: Buy Disclosure: Not Held
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    lightbulb Created with Sketch.  Great analysis
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