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Canada Invests in Critical Mineral Processing Facility

Government allocates $2 billion for rare earth processing

Facility to process 2000 tonnes of bastnaesite

The federal government has announced a major financial commitment to support a rare earth processing facility in Saskatchewan. The investment of at least C$2 billion ($1.6 billion) will be used to process 2000 tonnes of bastnaesite, a rare earth mineral that is essential for the production of electric vehicles and wind turbines.

The facility, which will be located in the province's south, is expected to create up to 1,000 jobs and boost the province's economy by $2 billion per year. The rare earth metals produced from SRC's recent purchase of bastnaesite alone could be used to produce up to 200,000 electric vehicles or 10,000 wind turbines.

The federal government has identified 34 critical minerals that are essential for the production of clean energy technologies. Of these, 27 can be found in Canada. The investment in the Saskatchewan facility is part of a broader effort by the government to develop a domestic supply chain for critical minerals.