Will supply Toyota with elements for use in hybrid and electric vehicles.
MONTREAL — Matamec Explorations Inc. has received another cheque from its Japanese partner Toyotsu Rare Earth Canada Inc. for the development of a mine in Quebec that is expected to supply heavy rare earths for the production of hybrid and electric vehicles.
The latest instalment of $1,041,000 is part of a $16 million payment for a definitive feasibility study of the Kipawa HREE deposit near Temiscaming, in southwest Quebec, which contains the rare elements dysprosium, terbium and yttrium.
The study is to be completed by the second quarter.
Matamac, a junior mining exploration company based in Montreal whose main focus is in developing the heavy rare earths, has been working on the project since March 2012.
Working with its partners, the company said final purification, variability sample testing and optimisation of the carbonate development is on-going.
Matamac’s project, if successful, will provide a source of rare earths outside China, which currently controls much of the world supply.
Toyotsu Rare Earth Canada Inc. is a subsidiary of Toyota Tsusho Corp.