Canada’s first rare earths producer, Vital Metals (ASX: VML), announced a trading halt today.
The company’s Nechalacho rare earths project is located in Northwest Territories, Canada. The company announced the commencement of production in early July.
The company said trading will be halted until Thursday, August 12.
The Australian Financial Review writes that Vital is about to buy two projects located in Quebec and will pay a $8.5 million.
Vital Metals’ flagship Nechalacho project is a high grade, light rare earth (bastnaesite) project located at Nechalacho in the Northwest Territories of Canada. Nechalacho hosts within the Upper Zone, a JORC Resource of 94.7MT at 1.46% TREO comprised of a Measured Resource of 2.9MT at 1.47% TREO, an Indicated Resource of 14.7MT at 1.5% TREO, and an Inferred Resource of 77.1MT at 1.46% TREO.