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Australia-based Vital Metals Limited announced it has signed an agreement to sell its stockpiled rare earth material to the Saskatchewan Research Council for $3 million. The sale was facilitated by Natural Resources Canada and “supersedes” a prior transaction announced in December 2023 when China-based Shenghe Resources invested in the company. The federal government previously has forced divestments by other Chinese investors in Canadian critical mineral mining firms. Vital’s stockpiled rare earth material was derived from earlier mining at the company's Tardiff deposit at Nechalacho in the Northwest Territories. Vital conducted a strategic review to investigate potential pathways for the long-term future and viability of its planned rare earth processing facility in Saskatoon. The review concluded that operating the Saskatoon facility wasn’t economically viable under the existing model, and Vital Metals assigned its Vital Metals Canada Limited (VMCL) subsidiary, which owns the Saskatoon facility, into bankruptcy with the sale of VMCL’s property and assets. Vital Metals said it will now focus on developing its Tardif deposit in the N.W.T. The Government of Saskatchewan and the Saskatchewan Research Council are developing a rare earth processing facility in the province – the first of its kind in Canada. #VitalMetals #RareEarthMinerals #SaskatchewanResearchCouncil #NaturalResourcesCanada #CriticalMinerals #NechalachoDeposit #SaskatoonFacility #SaskatchewanDevelopment #CanadianMining

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