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canada rare earth corp (P4XA) Snapshot

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11/11/13 - €0.06
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canada rare earth corp (P4XA) Details

Canada Rare Earth Corporation, a development stage company, focuses on the acquisition and development of mineral properties in North America. The company explores for rare earth elements, niobium, beryllium, zirconium, and iron ore deposits, as well as bituminous coal deposits. Its flagship properties include the Clay-Howells Prospect consisting of 45 patented claims and 49 unpatented claims totaling 11,781 hectares located in northeast of Kapuskasing, Ontario; and the Red Wine project with a total of 1360 claim units comprising 340 square kilometers located in west central Labrador. The company was formerly known as Rare Earth Metals Inc. and changed its name to Canada Rare Earth Corporation in Canada Rare Earth Corporation. Canada Rare Earth Corporation is headquartered in Vancouver, Canada.

canada rare earth corp (P4XA) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: C$35.0K
Chief Financial Officer
Total Annual Compensation: C$25.0K
Compensation as of Fiscal Year 2013.

canada rare earth corp (P4XA) Key Developments

Canada Rare Earth Corp. Forms Joint Venture with Mineracao Mata Azul S.A. for Brazilian Project

Canada Rare Earth Corp. (CREC) announced that it has entered into a letter of intent with Mineracao Mata Azul S.A. (Mata Azul) to form a joint venture for the development of an integrated rare earth business in Brazil. CREC will have an initial 47.5% Joint Venture interest but will have 50% of the Joint Venture voting rights. The Joint Venture will involve the exploration of Mata Azul's rare earth property in Tocantins, Brazil, Brazil and, if warranted the development of a rare earth concentration facility and refinery for the production of rare earth oxides for sale to end user customers. The Property has been the subject of several exploration programs including sampling, regional mapping, drilling wells, trenching, auger drilling, chemical and petrographic analyzes, mineralogy and beneficiation tests. Mata Azul holds the mineral rights to the Property which consists of approximately 100 square kilometres. Under the Joint Venture, CREC will be primarily responsible for raising the required funds for exploration and development, mining, building the concentration facility and constructing a refinery. The Joint Venture participants will coordinate their collective efforts to arrange financing for the Project from third parties through debt and/or equity participation at the Project level as well as through product off take agreements with rare earth end users. Mata Azul will, under the direction of a management committee, be primarily responsible for overseeing the exploration, preparation of a JORC compliant feasibility study, development and mining initiatives of the Project as well as being responsible for overseeing the construction of a concentration facility. A preliminary cost estimate of $90 million has been budgeted for those facets of the Project that Mata Azul will be overseeing with financial penalties to be assessed against Mata Azul's interest in the Joint Venture if costs exceed the budgeted amounts. CREC will, under the direction of a separate management committee, be primarily responsible for the design and build of a 6,000 metric ton per annum refinery and for arranging for on-going operational logistics. CREC will also be primarily responsible for arranging for end use customers for the refinery products. A preliminary cost estimate of $500 million has been budgeted for those facets of the Project that CREC is responsible for with financial penalties to be assessed against CREC's interest in the Joint Venture if costs exceed the budgeted amount. The Joint Venture provides for Mata Azul to receive up to $100 million of preferential payments from available distributable cash from production revenue otherwise payable to CREC from the refinery during the first four years following the commencement of commercial production, subject to CREC retaining the first $5 million annually from its share and subject to a maximum of $25 million per annum going to Mata Azul under the preferential payment arrangement. The proposed Joint Venture and the Definitive Agreement are subject to certain conditions precedent including the completion by CREC of satisfactory due diligence on the Property, on Mata Azul and the receipt of any required regulatory approvals.

Canada Rare Earth Updates Metallurgical Results for Lavergne-Springer REE Zone

Canada Rare Earth Corp. reported on mineral separation tests carried out by XPS Consulting and Testwork Services (XPS) of Falconbridge, Ontario on the Lavergne-Springer REE deposit. XPS carried out a series of flotation tests using drill core from the Springer mineralized zone which indicated that the rare earth minerals can be concentrated by flotation methods. The Lavergne-Springer REE deposit is located in northwestern Ontario, immediately north of the Town of Sturgeon Falls and 80 km east of Sudbury, Ontario. The mineralization is located on a 128 hectare parcel of patented mineral claims. The latest metallurgical work carried out by XPS and reported here, was commissioned to investigate the amenability of the ore to REE concentration by froth flotation. Although more work is required to establish an optimum process, work to date has been very promising.

Canada Rare Earth Corporation, Annual General Meeting, Dec 18, 2013

Canada Rare Earth Corporation, Annual General Meeting, Dec 18, 2013. Location: 700-1199 West Hastings Street.


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