SRC anticipates annual production of 400 tonnes of rare earths due to new agreement

The Saskatchewan Research Council has announced a groundbreaking partnership with the Vietnam-based Hung Thinh Group that will see the production of 400 tonnes of rare earth metals each year, starting in 2025. This comes after the council signed a five-year agreement in principle to import 3,000 tonnes of rare earth carbonate annually.

Rare earth metals are essential for modern technology, including cellphones, electric vehicles, robotics, and green technologies. CEO Mike Crabtree expressed excitement about the impact this production will have on stimulating the rare earth industry in North America.

The provincial government has invested $71 million in the council’s Saskatoon processing facility since 2020, leading to the development of proprietary technology and methods for rare earth processing. Minister Jeremy Harrison highlighted the importance of establishing a domestic rare earth element hub in Saskatchewan and praised the new agreement as a step forward in achieving that goal.

In addition to the partnership with the Hung Thinh Group, Saskatchewan has also signed a letter of intent with France to develop supply chains for strategic minerals. With demand for these minerals expected to rise significantly in the coming years, the partnership aims to strengthen knowledge sharing and project development related to critical minerals.

Minister Harrison emphasized the importance of these partnerships in building opportunities and protecting communities, while French minister Franck Riester highlighted the significance of the agreement as a milestone in bilateral efforts towards a low-carbon economy. This collaboration marks a major step forward in securing the supply of critical minerals and reinforcing both countries’ sovereignty.