SRC Expects to Produce 400 Tonnes of Rare Earth Metals Per Year Beginning in 2025

On April 15, 2024, the Saskatchewan Research Council (SRC) signed a five-year in principle with Hung Thinh Group (HTG) from Vietnam. According to this agreement, SRC will import rare earth carbonates from Vietnam to produce rare earth metals at SRC’s rare earth processing facility. HTG will supply SRC with up to 3,000 tonnes of rare earth carbonates per year for five years starting from June 2025.

“Working with the international community to secure this supply of critical minerals for SRC’s Rare Earth Processing Facility marks another step forward in establishing a domestic rare earth element hub in Saskatchewan,” Minister Responsible for SRC Jeremy Harrison said.”

By securing the supply of rare earth carbonates over the next five years, SRC’s facility will be able to process, separate and produce approximately 400 tonnes of rare earth metals per year. Rare earth metals are essential to modern technologies such as cell phones, electric vehicles, robotics and green technology, and production in Canada is expected to advance North America’s rare earth industry. This agreement with HTG will enable SRC to produce rare earth products for sale on international markets by 2030.

The project is North America’s first fully integrated commercial rare earth processing facility. SRC has developed a unique, cutting-edge technology and know-how in rare earth mineral processing, solvent extraction, and metal smelting.

Since 2020, the Government of Saskatchewan has invested C$71 million in this facility. The facility is expected to contribute to the revitalization of the resource sector across Canada by providing the mid-stream supply chain needed to generate industry investment and growth. 

Source:

https://www.saskatchewan.ca/government/news-and-media/2024/april/15/src-expects-to-produce-400-tonnes-of-rare-earth-metals-per-year-beginning-in-2025