Canada Rare Earth signs rare earth supply agreement, DRC

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Canada Rare Earth Corp. [TSXV-LL] announced the signing of a supply agreement between Simba Essential Minerals S.A.S which will be a wholly owned subsidiary of Canada Rare Earth and Sakima SA, a Congolese state-owned mining company. This agreement will enhance Canada Rare Earth’s supply chain of rare earths and other essential minerals sourced in the Democratic Republic of Congo (DRC) and will go a long way towards enabling the Company to increase its supply volumes.

Steve Sadiki, CEO and President of Simba Essential Minerals, stated: “This supply agreement with SAKIMA is another major milestone in the expansion of the company’s rare earths supply chain in DRC. We continue to be dedicated to extracting these resources responsibly, bringing benefits not only to our shareholders but also to the local communities that are integral to our operation. The concession which the supply agreement provides access to are known to have very high mineral grades and we look forward to the resulting robust margins on our sales.”

“We are excited about this agreement, marking a step for the Company in our growth and expansion in the global essential minerals market.” said Peter Shearing, CEO of Canada Rare Earth, “By securing a reliable supply of high-quality rare earth minerals from the DRC, we strengthen our supply chain and competitive position, positioning the Company for future success.”

Sakima SA, a state-owned mining entity in the DRC, holds extensive mining rights and operates significant production infrastructure across several provinces. The company is dedicated to responsible mining practices and contributing to the economic development of the region.

Simba Essential Minerals S.A.S. is a Congolese company specializing in the procurement and export of essential minerals. With a focus on sustainability and ethical sourcing, Simba is committed to supporting the DRC’s mining industry and global supply chains.

Canada Rare Earth operates a rapidly expanding global essential minerals business, built on over a decade of success in the rare earth minerals and products sector.

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1 thought on “Canada Rare Earth signs rare earth supply agreement, DRC

  1. A lot is made of the need for ESG compliance and oversight here. How will CRE assess such compliance? Will this be via accepting the word of the DRC providing entity or will there be third-party verification of site compliance? CRE RE customers might want to know. GLTA – REI

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