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The Saskatchewan Research Council’s Rare Earth Processing Facility project just got a big funding boost from the provincial government.
The province announced $20 million in new funding for the Saskatoon facility Thursday, which the government said will be the first of its kind anywhere in North America.
The new funding will allow for the addition of a specialized metals unit to produce rare earth metals, which are used to manufacture magnets, electrical components and more. The money will also help cover costs that have risen due to global supply chain shortages.
“Our government is proud to provide our continued support to a facility that is enhancing domestic production to reduce reliance on foreign imports and supporting economic growth in this burgeoning sector,” Jeremy Harrison, the minister responsible for SRC, said in a statement.
The design, engineering and procurement for the facility’s first stage, a monazite processing unit, is expected to be completed this fall, the province said. Procurement for the second stage, consisting of the a separation unit and a metals unit, will begin shortly after.
Rare earth elements produced at the facility will hit the international markets in 2024, the province said.
The SRC employs 350 people and generates $137 million in revenue each year, the government noted. The research council has 1,500 clients in 27 different countries.