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canada rare earth corp (P4XA) Snapshot

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12/18/13 - €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 Corporation Enters Into Letters of Intent to Sell 10,000 Metric Tons of Rare Earth Concentrate Annually for Five Years

Canada Rare Earth Corporation advised that it has entered into two letters of intent to sell 10,000 metric tons annually, of rare earth concentrate to two affiliated full spectrum rare earth separation refineries situated in Asia. Both refineries are interested in increasing the volume of concentrate purchased if available. The two LOIs, each having a five year term, are hedged with Canada Rare Earth's twenty year right (but not obligation) to purchase rare earth concentrate from the Mata Azul property in Brazil. Canada Rare Earth's selling and purchase prices fluctuate with market prices and have ceiling and floor prices such that the buy/sell transactions will, in all cases, be undertaken by CREC only if there is a favourable price differential. A key factor to this arrangement is the commencement and continuation of production at the Mata Azul property. While studies have been undertaken an independent feasibility study has not been completed demonstrating mineral reserves and economic and technical viability of the contemplated mining and concentrating operations and therefore there is no assurance that CREC will have an opportunity to implement the LOI's. The terms of both LOI's and the purchase contract will commence once the Mata Azul rare earth property in Brazil starts production of rare earth concentrate, zirconite and ilmenite. The sale of concentrate to one of the refineries is subject to that refinery receiving its final operating permits. The other refinery is operational and ready to take delivery.

Canada Rare Earth Enters into Joint Venture Agreement for the Exploration and Development of the Mata Azul Rare Earth Property in Brazil

Canada Rare Earth Corporation announced that it has entered into a joint venture agreement with Mineracao Mata Azul S.A. to advance exploration and establish and operate mining and concentration operations for rare earth and other mineral rights owned by Mata Azul. This business arrangement allows Canada Rare Earth to control the exploration and development of the Mata Azul property and ratifies the previously announced agreement between the Company and Mata Azul which provides the Company with the right to purchase all of the rare earth concentrate from the project. Pursuant to the Joint Venture Agreement Canada Rare Earth will hold 80% and Mata Azul will hold, on a non-dilutive basis, 20% of the issued capital of a newly formed company. Canada Rare Earth has the right to appoint three of four directors and Mata Azul may appoint the fourth director. Mr. Tracy A. Moore, CEO of Canada Rare Earth will be appointed the chairman of the Joint Venture company. The Joint Venture company has until November, 2015 to raise $5 million of equity capital in order to acquire all of the rare earth and other mineral rights owned by Mata Azul for nominal consideration. The $5 million of equity capital will remain to the credit of the Joint Venture company after it receives the transfer of the Mata Azul mineral rights.

Canada Rare Earth to Provide Business Services and Receives Ownership Participation Right to a Mechanically Complete, Full Spectrum Rare Earth Separation Refinery

Canada Rare Earth Corporation announced that it has been engaged to provide corporate finance, strategic and business development services for a mechanically complete, full spectrum rare earth separation refinery built in Laos. The company's mandate is for 12 months plus automatic extensions to close specified milestones. The rare earth separation refinery (Refinery) is situated in Laos on 7 hectares of land and is housed in approximately 24,000 square metres of buildings and facilities. The current installed equipment configuration has the capacity to separate 3,000 metric tons of rare earth oxides annually with purities as high as 99.995% depending on customer requirements. The existing infrastructure is sufficient and has been built to accommodate a second separation line thereby doubling capacity. The Refinery was designed, built and financed by a Canada Rare Earth affiliate with over 10 years of directly related experience in rare earth refinery design, construction and very importantly, operations. Applications for final approvals and permits for the Refinery are in process. In consideration, Canada Rare Earth will receive a retainer of $25,000 per month for the duration of this mandate, and success fees for securing industry related strategic investors, customers for the separated oxides and for securing a source of rare earth concentrate having an emphasis on heavy and critical elements.


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