Industry Bulletin: Federal Budget Provides Support for Canadian Rare Earth Industry
In our ongoing efforts to provide you with broader communications and industry information, Avalon Rare Metals Inc. is pleased to issue this Industry Bulletin which reports on the Government of Canada’s April 21st federal budget, Economic Action Plan 2015 (http://www.budget.gc.ca/2015/docs/plan/budget2015-eng.pdf).
Avalon was encouraged to see the Government of Canada commit support to Canada’s up and coming rare earth industry. As noted in the budget, “Economic Action Plan 2015 proposes to allocate $23 million over five years, starting in 2015–16, from Natural Resources Canada to stimulate the technological innovation needed to separate and develop rare earth elements and chromite.”
Budget 2015 went on to note, “The commercial production of rare earth elements […] represents a significant economic opportunity. Realizing this opportunity will requireadvances in science and technology.Rare earth elements have specific properties that make them critical inputs to thedefence, aerospace, automotive, energy and consumer electronics industries […] Rare earth elements are critical minerals that represent an opportunity for Canada to enter an emerging and globally strategic market.”
Avalon’s Nechalacho Heavy Rare Earth Project in the Northwest Territories remains the most advanced large heavy rare earth deposits in the world outside of China and could become a significant and sustainable Canadian supplier of rare earths.
Avalon’s President and CEO, Don Bubar, comments, “I am encouraged to see the Government of Canada realize both the importance of the rare earth industry and the opportunity it presents for Canada. I commend them for their commitment to the industry and believe this support can assist Canadian industry in becoming a global player in the marketplace.”
About Avalon Rare Metals Inc.
Avalon Rare Metals Inc. 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.