Canada Rare Earth Corp Signs LOI to Acquire Rare Earth Refinery Development Site

Canada Rare Earth Corp. (TSXV:LL) announced that they are moving forward with the acquisition of  a site for a rare earth refinery in the U.S. Pacific Northwest.

As quoted in the press release:

The site is comprised of approximately 100 acres and has excellent infrastructure with readily available power, water, and robust transportation infrastructure. The LOI also includes a right of first refusal to acquire two adjacent land parcels, which are each subject to separate option agreements. The site is zoned for heavy industrial use and is associated with some existing permits for heavy industrial use that will likely need some adaptation. Our preliminary assessment of the location is that it is ideally suited for a rare earth refinery and provides flexibility due to its size, location and characteristics.

Canada Rare Earth’s CEO, Tracy Moore, said:

Nick’s initial focus will be on community and government relations, permitting and seeking concessions from utilities. Our partner, REC, will investigate sources of rare earth concentrates with a view to aligning those to customer needs (particularly North American domestic customers), preliminary scoping of the refinery, financial modeling and cost analysis. After we are successful in permitting, negotiating pro-forma contracts and proving our business case, we will move then to detailed design and construction.

To view the whole press release, click here.