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July 14, 2024
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Canada Rare Earth Corporation has disclosed a rare earth supply agreement involving the Democratic Republic of Congo (DRC).

Canada Rare Earth Corp. has finalized a supply agreement with SAKIMA SA, a state-owned mining company in the Democratic Republic of Congo (DRC), through its wholly owned subsidiary, Simba Essential Minerals.

This agreement significantly bolsters Canada Rare Earth’s supply chain for rare earths and other essential minerals sourced from the DRC. It represents a crucial step towards increasing the company’s supply volumes.

Steve Sadiki, CEO and President of Simba Essential Minerals, emphasized the importance of this agreement:

“Securing this supply agreement with SAKIMA marks a major milestone in expanding our rare earths supply chain in the DRC. We are committed to responsible resource extraction, which not only benefits our shareholders but also enhances the well-being of local communities. The concessions covered by this agreement are known for their high mineral grades, promising robust margins on our sales.”

Peter Shearing, CEO of Canada Rare Earth, expressed enthusiasm about the agreement:

“We are excited about this agreement as it signifies our company’s growth and expansion in the global essential minerals market. By ensuring 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.”

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