Schneider Electric and Torngat Metals have signed a memorandum of understanding (MOU) to explore an industrial partnership supporting a domestic rare earth supply chain.
The companies said the MOU — which is non-binding — is aimed at establishing a 360-degree partnership to develop a next-generation mining and processing project, and strengthen Schneider’s supply-chain strength. In a news release, the companies highlighted the importance of Torngat’s Strange Lake rare earth project in Nunavik, Que., which is expected to produce rare earth elements essential to permanent magnets used in renewable energy, digital infrastructure and manufacturing.
“Strange Lake is designed to become a key player,” said Maryse Bélanger, the interim chief executive director and board president at Torngat Metals. “Working with Schneider Electric will enable us to integrate world-class industrial technology designed with sustainability in mind in our future operations.”
Frederick Morency, the vice-president of sustainability, strategic initiatives and innovation at Schneider, said the companies are aiming for a fully integrated approach through this multi-year agreement. “This partnership reflects a clear reality: the energy transition depends not only on technology, but on secure and responsible access to critical materials,” said Morency.
The MOU was signed in Paris during a meeting on financing critical minerals supply chains in the G7 and so-called like-minded countries.
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