INDUSTRY BULLETIN: Avalon Comments on the Canadian Rare Earth Element Network Appearance before House of Commons Finance Committee in Ottawa
On October 7, 2014, the House of Commons Standing Committee on Finance (“the Committee’) had the opportunity to hear from the Canadian Rare Earth Element Network (“CREEN”) as part of Pre-budget Consultations 2014.
The goal was to inform the Committee and the Canadian Government about a compelling opportunity for the strategic and economic benefit of Canada. To effectively communicate the substance of the opportunity, CREEN (represented by its Chair, Ian London), highlighted three key messages:
- Canada has the real opportunity to secure a leadership position and its commensurate economic benefits in the global rare earth supply chain outside China. Canada has the best undeveloped rare earth resources and some of the most advanced development projects in the world.
- There are challenges unique to rare earth projects that must and can be resolved through collaboration to enable industry to bring them into production.
- Government support through research, innovation and demonstration is necessary if Canada is to compete effectively with other countries with similar aspirations and capitalize on the unique opportunity that Canada’s rich mineral endowment provides.
Questions from the committee included the China factor, the role of Canadian universities in research initiatives, the constraints and impediments facing CREEN and the strength of “brand Canada” in the global REE market.
CREEN is seeking support of $25 million over five years to, “leverage Canada's leading rare earth resource position and technical reputation, cement Canada's position in global rare earth product supply chains and international trade, develop highly qualified personnel, and create and sustain jobs and economic growth in the emerging critical raw materials industry.”
Avalon is a founding member of CREEN and supports the network’s efforts to collaborate with industry partners and the Canadian Government to position Canada as a global leader in the secure, sustainable supply of strategic, critical raw materials such as the rare earth elements.
Full transcripts of the Committee meeting are available at:
Video and audio recordings are available at:
If you have any comments or questions on this article or the rare earths generally, please do not hesitate to contact Avalon directly at email@example.com.
ABOUT AVALON RARE METALS INC.
Avalon Rare Metals Inc. (TSX & NYSE MKT: AVL) is a mineral development company focused on rare metal deposits in Canada, with three advanced stage projects. Its 100%-owned Nechalacho Deposit, Thor Lake, NWT is exceptional in its large size and enrichment in the scarce 'heavy' rare earth elements, key to enabling advances in clean technology and other growing high-tech applications. Avalon is also advancing its Separation Rapids Lithium Minerals Project, Kenora, ON and its East Kemptville Tin-Indium Project, Yarmouth, NS. Social responsibility and environmental stewardship are corporate cornerstones.