A Chinese company is buying from and investing in a rare earth mining project in the N.W.T. — which, for years, had been marketed as a way for Canada to reduce its reliance on China for a material that’s crucial in types of low-carbon technology.
Vital Metals, an Australian company that owns the Nechalacho mine project, announced on Sunday that Shenghe Resources had become a “cornerstone investor” — having purchased a 9.9 per cent stake in the company for $5.9 million in Australian currency. Vital said it would also sell Nechalacho’s “stockpiled rare earth material” to Shenghe Resources for $2.6 million.
Bill Braden, a
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