Rare Earth News

Quebec to receive $80 billion from rare earth-starved Asian countries

Companies located in Japan and China are in the market for new rare earth metal supplies, and are currently reviewing an $80 billion regional development plan in Quebec, Bloomberg reports.

According to the new source, the Canadian province is full of metals ranging from gold to iron ore, and is hoping that a $47 billion investment in hydro power in the next 25 years will help add to the Canadian metals rush, providing power to the extraction operations.

"The Chinese are very interested," Quebec Premier Jean Charest said. "China Investment Corp. has an office in Toronto and there is an opportunity to work with them also."

The news provider stated that Quebec, which found large deposits of rare earth elements (REEs) about five years ago, has the potential to become a major production center for electric cars and laptops, which use technology derived from REEs, within the next three years.

REEs have been discovered across Canada, including British Columbia, where several rare earth mining companies have begun explorations for the metals in order to tap into the fast-growing market.