Canada Rare Earth Corp. (TSXV: LL) announced it has established rare earth supply operations in the Democratic Republic of Congo (DRC) through its wholly owned subsidiary Simba Essential Minerals.
The initial startup supply will be sourced from local artisanal mining cooperatives, promoting responsible sourcing, the company said, adding that rare earth concentrate supply is expected to ramp up from 100 to 500 tons per month by mid-2024.
The company said it is exploring mineral concessions for acquisition, intending to secure 2-3 exclusive sources of rare earth concentrate and other minerals for purchase and operation by the end of 2024.
These proprietary concessions will significantly boost supply and reduce costs, complementing the artisanal supply chain, Canada Rare Earth said.
“By establishing our proprietary operations, we are simultaneously expanding Canada Rare Earth’s supply capabilities while instituting a more controlled and secure source of rare earth minerals from the Kivu Provinces, a region well known for its rich mineral resources,” Simba Essential Minerals CEO Steve Sadiki said in a news release.
Canada Rare Earth’s project portfolio also includes the Two Tom property in the Central Mineral Belt of Labrador, as well as prospective refinery sites located in Brazil.
Source:
