- Canada Rare Earth Corporation (LL) has entered into an agreement for the purchase of a rare-earth refinery located in South East Asia
- The acquisition is subject to finalizing the definitive agreement and arranging financing
- Canada Rare Earth Corp. is developing an international vertically integrated business within the global rare-earth industry
- Shares of Canada Rare Earth Corp. (LL) were trading at $0.05, with no change in price, as of 11:34 AM ET
Canada Rare Earth Corporation (LL) has entered into an agreement for the purchase of an existing rare-earth refinery located in South East Asia.
“The refinery is based on technology and processes already deployed and in production at a dozen other rare-earth processing plants and is capable of producing approximately 3,000 metric tons (3,000,000 kilograms) of the complete spectrum of rare earth oxides,” explained Peter Shearing, COO of Canada Rare Earth.
The capability to produce high-profile neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb) oxides is of critical importance to the rapidly developing and growing electrification and EV market sectors,” he added.
“We are working closely with the owners, and our negotiations are going very smoothly and progressing rapidly towards a definitive agreement for the acquisition,” said Tracy A. Moore, CEO of Canada Rare Earth.
“We have been involved with this refinery for a number of years and believe this is the best moment to move forward with the acquisition,” he added.
The acquisition is subject to finalizing the definitive agreement and arranging financing.
Canada Rare Earth Corp. is developing an international vertically integrated business within the global rare-earth industry.
Its key focus is to generate revenues and positive cash flow from a variety of profit centres in the rare earth production and sales chain by sourcing, adding value and selling rare earths in all stages and forms.
Shares of Canada Rare Earth Corp. (LL) were trading at $0.05, with no change in price, as at 11:34 AM ET.
