Reported 8 months ago
According to the Youth Daily on June 18, 2024, the Canadian federal government and the Saskatchewan province collaborated to purchase Vital Metals' rare earth inventory in the northwestern region of Canada to prevent it from falling into the hands of Chinese buyers. This action aimed to safeguard against monopolization and secure an independent supply chain, especially after Vital Metals sold rare earth extracted from the Nechalacho project in northwestern Canada to a Chinese holding company. The Canadian government's intervention was prompted by concerns about China's intent to control rare earth resources. This move signifies Canada's efforts to reduce reliance on Chinese supplies.
Source: YAHOO