November 28, 2023

Wire Service Canada

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Canada seeks partners for uranium and rare earth

Canada seeks partners for uranium and rare earth

The conflict between Russia and Ukraine has increased global demand for rare earths and chemical components as new technologies, from renewable energy production to the military and aerospace industry, enter the mix. Aluminum, potash, palladium, uranium, nickel and vanadium are the most effective components for energy conversion. Canada, China, Brazil and Vietnam have the world’s largest rare earths, but only a small part of it is exploited. Extraction is more expensive if social and environmental standards are respected. The mining industry and related activities employ over 630,000 people, generating $ 100 billion (.4 90.4 billion) a year.

Now, the government of Prime Minister Justin Trudeau is ready to exploit its rare earth and its vast mineral resources, for which it is looking for partners to finance projects and research on alternative production processes. Accelerate production targets of products that are important to your own economic security and that of your partners. In particular, it compiles a list of 31 products used in the electric vehicles, semiconductors and energy sectors. Among the projects, one battery goods park in northern Ontario will produce materials for recycling lithium-ion batteries by 2025 and another in Yellowknife is run by Denise Yellowknives, a native of the Northwest Territories. In addition, by 2020, Canadian authorities had invested $ 1.8 billion (€ 1.6 billion) in Oakville, Lake Ontario, to transform the Ford plant into a global hub for electric vehicle production.

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