Torngat metals seeks Canadian investors

The Métaux Torngat mining must conclude a fundraising campaign this fall through which it hopes to attract Quebec. For example, Canadian and Aboriginal investors. Moreover, The company thus wants to diversify the shareholders behind its land rare project.

For the moment, almost half of the Torngat metal capital comes from an American investment fund, Cerberus Capital. Similarly, This holds 45 % of the mining shares, thanks to an investment of $ 50 million.

The project. Therefore, which consists in exploiting an important deposit of rare earths in Nunavik and separating these critical minerals in a Sept-Îles factory, receives more and more attention to the country’s scale. Meanwhile, The federal government has advanced up to $ 165 million in Torngat metal loans. Similarly, and Prime Minister François Legault spoke it publicly on several occasions.

For the moment, the company has torngat metals seeks canadian investors not specified its objectives with regard to the fundraising in progress. However, she specifies that it aims to finance the obtaining of permits. However, Other funding must be found for the construction of the project.

Beyond the country’s shareholders, Torngat metals also aims to attract the participation of indigenous communities. The Uashat Mak Mani-Unam band council is in discussion with the mining. but believes that it is premature to speak of participation in the company.

[Une] Grande Consultation is planned in the coming months. will allow the Council to understand and apply the will of its memberswrites the cabinet of chef Jonathan Shetush.

[Aucun] Project cannot be developed in the Nitassinan without the consent of. the Innu of Uashat Mak Mani-Utenam.

In all. the mine and rare land separation plant project is estimated at $ 2 billion, of which around $ 800 million must be devoted to Sept-Îles infrastructure.

A project submission shortly

Torngat metals seeks canadian investors

Métaux Torngat must also file a project notice. for its rare land separation factory project in the coming days.

This step marks the start of the procedures to obtain government authorization to move forward.

Concretely, it opens the way to a series of consultations in the context of carrying out its impact study.

For Rodrigue Turgeon. the coalition coalition coalition Best Mine, it will be necessary to wait for the data presented by Torngat metals before deciding on the Rare Land separation factory project.

The question is not fair to manage heavy chemicals to carry out this separation. but also the amount of radioactive waste that will be stored in Sept-Îleshe notes.

“Aggressive. ambitious”

The CEO of Torngat metals, Yves Leduc, insists that the company torngat metals seeks canadian investors will do things in the rules. There is no question for me to skip stepshe insists.

That said. the schedule he gives himself to start producing rare earths, to start production within three years, is ambitious and aggressive.

Could the Torngat metal project obtain national interest status from the federal government? On that, Yves Leduc is categorical. It is a project that is treated as a project of national interesthe said.

It is nonetheless disputed in Sept-Îles. where citizens reiterated their concerns and their opposition to the project during the latest information sessions held by La Minière.