Miner backed by Canadian province vows to compete with China in rare earths

The Canadian province of Saskatchewan has vowed to compete with China in processing and production of rare earths and become the first North American commercial alternative source for the metals, used to make magnets for electric vehicles and wind turbines.

The Saskatchewan Research Council Rare Earth Processing facility is betting on demand for these magnets to jump in the next couple of years, driven by demand from original equipment manufacturers such as carmakers.

The Canadian province, home to copper, potash and uranium mines, is known for its mining prowess.

China controls 95 per cent of the global production and supply of rare earth metals. The near-monopoly allows the country to dictate prices and create uncertainty for end users through export controls.

In the past year, China has placed export controls on some critical metals such as germanium, gallium and antimony, forcing western governments to look for alternatives.