[Overseas] A Processing Plant Of Canada’s Only Rare Earth Miner Goes Bankrupt

Published: Oct 19, 2023 10:25
Vital Metals, Canada’s only rare earths producer, declared bankruptcy at its Canadian subsidiary following a review of its semi-finished processing plant in Saskatoon, which worth $55 million.

Vital Metals, Canada’s only rare earths producer, declared bankruptcy at its Canadian subsidiary following a review of its semi-finished processing plant in Saskatoon, which worth $55 million. The company suspended construction of the Saskatoon plant in April, citing rising plant costs and falling rare earth prices that reduced the viability of refining ore at the Nechalacho North T pit.

The company said in December of last year that it would slow down factory construction after costs doubled. Vital Metals said delaying construction of the plant's hydrometallurgical leaching, purification and rare earth precipitation loops will save it nearly $16 million. But the company said it will still complete the calcination process and produce rare earth oxide products before the Q3 of this year.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn
For more information on how to access our research reports, please contact:service.en@smm.cn
Related News
Solvay Secures Rare Earth Supply Deal with Viridis for European Demand Growth
19 hours ago
Solvay Secures Rare Earth Supply Deal with Viridis for European Demand Growth
Read More
Solvay Secures Rare Earth Supply Deal with Viridis for European Demand Growth
Solvay Secures Rare Earth Supply Deal with Viridis for European Demand Growth
[SMM Rare Earth News Brief] Belgium's Solvay has reached a supply agreement with Australia's Viridis Mining & Minerals to receive rare earth raw materials from its Colossus ion-adsorption ore project in Brazil starting in 2028, processing them into high-purity oxides at its La Rochelle plant in France, covering key magnetic material elements including neodymium, praseodymium, dysprosium, and terbium. This move will ensure Solvay meets Europe's growing rare earth demand, helping it achieve its goal of covering 30% of European demand by 2030, while also promoting diversification of the Western rare earth supply chain.
19 hours ago
Off-Season Dragged Down Rare Earth Prices in May, Pr-Nd Oxide and Dysprosium Oxide Saw Significant Declines — How Will the Market Evolve? [SMM Monthly Analysis]
12 hours ago
Off-Season Dragged Down Rare Earth Prices in May, Pr-Nd Oxide and Dysprosium Oxide Saw Significant Declines — How Will the Market Evolve? [SMM Monthly Analysis]
Read More
Off-Season Dragged Down Rare Earth Prices in May, Pr-Nd Oxide and Dysprosium Oxide Saw Significant Declines — How Will the Market Evolve? [SMM Monthly Analysis]
Off-Season Dragged Down Rare Earth Prices in May, Pr-Nd Oxide and Dysprosium Oxide Saw Significant Declines — How Will the Market Evolve? [SMM Monthly Analysis]
12 hours ago
SMM Launches Rare Earth Evening Price Data for Accurate Market Tracking
Jun 2, 2026 18:26
SMM Launches Rare Earth Evening Price Data for Accurate Market Tracking
Read More
SMM Launches Rare Earth Evening Price Data for Accurate Market Tracking
SMM Launches Rare Earth Evening Price Data for Accurate Market Tracking
To better track rare earth price swings and support long‑term contract settlements, SMM launched “Evening Prices” (since April 27, 2026) for Pr‑Nd and gadolinium, available via data terminal and Renrenkan. As afternoon transaction peaks have shifted due to volatility (e.g., Pr‑Nd alloy: 1.09M to 830k yuan/mt in H1 2026), evening prices reflect actual afternoon trades, benefiting metal‑magnet contracts. For magnet‑end‑user annual contracts, morning prices are recommended.
Jun 2, 2026 18:26
[Overseas] A Processing Plant Of Canada’s Only Rare Earth Miner Goes Bankrupt - Shanghai Metals Market (SMM)