Montreal-based Torngat Metals has signed a memorandum of understanding (MoU) with German company Vacuumschmelze (VAC) to pursue a long-term supply agreement for rare earth oxides. The non-binding deal was formalised in Berlin on Tuesday, marking a significant step in diversifying the global rare earth supply chain.
The agreement was signed by Torngat Metals CEO Yves Leduc and VAC CEO Erik Eschen, with the attendance of Canada’s Minister of Energy and Natural Resources Tim Hodgson and Germany’s Minister for Economic Affairs and Energy Katherina Reiche. Both nations have been actively seeking to reduce dependence on China, which currently dominates the global rare earths industry, particularly for technologies such as wind turbines, electric vehicles, and defence systems.
