Toyota works on Canadian rare earth mine
Global – Toyota Tsusho Corp is speeding up the development of a rare earth elements mine in Quebec, Canada for its hybrid and electric vehicles by collaborating with a Canadian junior mining company.
Toyota and miner Matamec Explorations Inc. (MAT) have signed a non-binding memorandum of understanding in this collaboration, offering Toyota a supply of metals needed for its vehicles, Montreal-based MAT stated.
The agreement outlines three main steps to be taken to establish the feasibility of the mine and Toyota's financing of the venture through to production of the deposit, giving either party the option of staying or going at each stage.
Stated in the deal, Toyota earned a 49% stake in the joint venture while MAT would get the remaining 51%. The Japanese automaker will buy all of the mine's output, MAT's CEO Andrew Gauthier told Bloomberg.
This is the second time this month such an agreement was sought. On 4 December 2011, Korea Resources Corp. signed an agreement with Luxembourg-based Frontier Rare Earths to develop its South African mine.
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