Strange Lake camp in Nunavik. Image from Torngat Metals.
When Torngat Metals secured C$165 million ($120m) in government funding last month for pre-construction work at its Strange Lake rare earth project straddling northern Quebec and Labrador, it set the new company on a strong trajectory.
Export Development Canada (EDC) 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.
Production of rare earths, which are essential components of industrial technologies, is dominated by China. There are no rare earth mines in Canada and only one in the United States — MP Materials’ Mountain Pass in California.
Strange Lake stands out among North American rare earth projects for its heavy rare earth content, particularly dysprosium and terbium—elements critical to permanent magnets used in electric…
