Sampling at Torngat’s Strange Lake rare earth project. Credit: Torngat Metals
Torngat Metals has secured C$165 million ($120 million) in government funding for pre-construction work at its Strange Lake rare earth project straddling northern Quebec and Labrador.
Export Development Canada is supplying a C$110 million bridge loan while the Canada Infrastructure Bank is offering a C$55 million infrastructure loan, both firsts for the institutions. The financing is to advance engineering, environmental studies, permitting applications, road and infrastructure upgrades, and airstrip rehabilitation.
Torngat aims to begin construction in late 2026 and the start operations by 2028.
The announcement for the C$2 billion capex project aiming to produce roughly 15,000 tonnes per year of rare earth oxides arrives at a pivotal moment for Canada’s role in mineral supply chains, CEO Yves Leduc said on…
