Aiming to bolster its position in the market, Canada Rare Earth has ventured into the Democratic Republic of Congo to scout for mineral concessions with an eye on acquisition. The company’s strategic objective is to secure 2-3 exclusive sources of rare earth concentrate and other minerals for operational purposes by the conclusion of 2024.

This bold move is poised to revamp the supply chain significantly, leading to a reduction in costs and an enhancement of efficiency. In synergy with the existing artisanal supply chain, Canada Rare Earth seeks to optimize its operations in the region.

Speaking on this significant development, Simba Essential Minerals CEO, Steve Sadiki, iterated, “By establishing our proprietary operations, we are simultaneously expanding Canada Rare Earth’s supply capabilities while instituting a more controlled and secure source of rare earth minerals from the Kivu Provinces, a region well known for its rich mineral resources.”

Canada Rare Earth’s project portfolio encompasses the notable Two Tom property in the Central Mineral Belt of Labrador, along with potential refinery sites in Brazil, further underlining the company’s commitment to diversification and growth.