Canada Rare Earth Corp Confirms Intention to Purchase Property for U.S. Rare Earth Refinery Development Site

Canada Rare Earth Corp. (TSXV:LL) announced that they have confirmed their intention to purchase  property in the Pacific Northwest of the United States.

As quoted in the press release:

The LOI provides for the acquisition of a prospective rare earth refinery site in the Pacific Northwest region of the United States. A location in North America is viewed by CREC as critical to providing a stable supply of rare earths to businesses and industries in the United States, Canada, and Mexico. The site is comprised of approximately 100 acres and has excellent infrastructure with readily available power, water, and robust transportation infrastructure. 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:

We have met with 10 special interest groups in the region and have received the written support of the Board of County Commissioners of the county where the property is situated. Community and government relations and permitting are of particular importance to this initiative. Meanwhile, our partner, CEC Rare Earth Corporation, is investigating sources of rare earth concentrates with a view to aligning those to customer needs (particularly North American domestic customers). After we are successful in permitting, negotiating pro-forma contracts and proving our business case, we intend to move to detailed design and construction of a refinery.

To view the whole press release, click here.