Canada sees first rare earths production

Vital Metals says it has become Canada’s first rare earths producer via operations beginning at Nechalacho project in Northwest Territories.
Canada sees first rare earths production Canada sees first rare earths production Canada sees first rare earths production Canada sees first rare earths production Canada sees first rare earths production

Vital gets going in NWT, Canada

Michael Quinn

Vital's ore sorting kit will produce a beneficiated product from the North T deposit that will stockpiled ahead of transport to a processing facility being built by the Saskatchewan Research Council and the government of Saskatchewan.

The facility is flagged to be in operation in 2022.

Funds generated by this venture are earmarked to finance a second stage, "large scale" Vital development of the adjoining Nechalacho Tardiff deposit, targeted to begin operations in 2024.

While MNN was unable to immediately ascertain numbers for the latter, Vital has been promoting the possibility of "lowest quartile capex and opex".

In March Vital completed a A$43 million equity raising that priced new shares at 6.5c each.

 

Shares in Vital were up 7.7% to 5.6c in morning trade today, capitalising the company at $232 million.