Today the Saskatchewan Research Council (SRC) and the Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) signed a Memorandum of Understanding (MOU) for cooperation in the area of critical minerals. The signing ceremony was held at the Prospectors and Developers Association of Canada (PDAC) Conference in Toronto.
"Global engagement is a key part of reaching Saskatchewan's goal of becoming a rare earth hub through our $31 million dollar investment into SRC's Rare Earth Processing Facility in August 2020," Minister Responsible for SRC Jeremy Harrison said. "This MOU is one example of how this Facility has already started to establish a hub in Saskatchewan, forming an industry model for commercial rare earth element initiatives and supply chain development."
The MOU lays the framework for a collaborative and strategic approach to cooperation through various key components including:
- The exchange of information, knowledge and experiences to foster the sustainable development of critical minerals.
- Support for securing the supply chain of critical minerals, especially rare earth elements (REEs) and potash by promoting trade and investment.
- Support for the strengthening of technical capacity through development of joint cooperative research and development projects in the areas of mineral exploration, mineral processing and mine rehabilitation.
"As a world leader in rare earth processing and separation technologies, SRC has much to contribute," SRC President and CEO Mike Crabtree said. "This MOU will strengthen the current relationship between SRC and KOMIR, continue to bring recognition to Saskatchewan on a global platform and build further opportunities for the growing rare earth industry in the province."
"As we strengthen our cooperation with Saskatchewan and Canada, a leading producer of critical minerals, we wish to promote and support private companies aiming to make successful investments overseas," KOMIR President and CEO Mr. Kyu-Yearn Hwang said. "Based on the MOU established, KOMIR will continue expanding its services to support private entities."