Prime Minister Justin Trudeau speaks to media after a tour of the Vital Metals rare earths element processing plant in Saskatoon on Monday, Jan. 16, 2023. Vital Metals says it is pausing all construction at the plant. THE CANADIAN PRESS/Liam Richards
REGINA – Canada’s only rare earths mining company is pausing all construction at its Saskatoon processing facility.
Vital Metals says the pause will allow the company to conserve cash and seek other sources of funding to potentially build a sustainable business model for the facility.
The company planned to complete a calcine circuit that would produce a rare earths oxide product for potential sale to a third party.
It says it has been unable to secure such sales on commercially satisfactory terms.
The company, which mines a deposit in the Northwest Territories, says it intends to retain Saskatoon employees as it conducts a strategic review of the project.
Prime Minister Justin Trudeau toured the facility in January to promote critical minerals as being key for clean energy technologies.
This report by The Canadian Press was first published April 19, 2023.
