Matamec Explorations and Toyota Tsusho Tie MoU for Heavy Rare Earth Project

Matamec Explorations, Canadian resource exploring company, currently announced the company concluded Memorandum of Understanding with trading company of Toyota Motor, to carry out cooperative exploration of rare earths deposits in Quebec, Canada. They will explore Kipawa heavy rare earths deposit which is expected to contain dysprosium and other heavy rare earths. Dysprosium is an essential additive for motor magnets. Toyota Tsusho will be able to acquire maximum 49% stakes in the project when the development is formally determined.

Kipawa deposit is 90 kilometers northeast from North Bay, Ontario. The deposit is involved in Matamec Explorations’ Zeus property. Matamec Explorations has confirmed not only rare earths but zirconium, niobium, tantalum and other metals inside Zeus property.

Kipawa deposit is now under pre feasibility study (FS) to research accurate reserves and other necessary data. Toyota Tsusho explained the firm actually concluded MoU with Matamec Explorations while the details of the project haven’t been determined. It will be decided after FS completion whether the development be actually commenced or not.