Canadian Rare Earth Firm Torngat Metals Secures $165M Funding for Strange Lake Project

Published: Jul 28, 2025 16:16

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Torngat Metals, a Canadian rare earth development company, recently announced a significant piece of news through its CEO, Yves Leduc. The company has successfully secured government funding of 165 million Canadian dollars, equivalent to approximately $120 million, which will be used to restart the Strange Lake rare earth project. The Strange Lake project, uniquely located across Quebec and Labrador, not only signifies an ambition to "create a new industry in Canada" but also represents a substantial step forward in the autonomy of the rare earth supply chain in North America.

Notably, Export Development Canada (EDC) and the Canada Infrastructure Bank have, for the first time, provided such financing for a rare earth project, contributing bridge loans of 110 million Canadian dollars and infrastructure loans of 55 million Canadian dollars, respectively. This move demonstrates strong government support for the rare earth industry.

Regarding the specific planning for the Strange Lake project, the company has formulated a detailed investment plan, with an expected total investment of 2 billion Canadian dollars. Construction of the project is expected to commence at the end of 2026 and officially commence production in 2028. By then, the project is anticipated to produce approximately 15,000 mt of rare earth oxides annually, injecting new vitality into Canada's rare earth industry.

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