Schneider Electric and Turngate Metals have signed a memorandum of understanding to explore an industrial partnership that supports the domestic rare earth supply chain.
The two companies said that the non-binding memorandum of understanding aims to establish a 360-degree partnership to develop the next generation mining and processing project, and enhance the strength of Schneider’s supply chain. In a press 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 for permanent magnets used in renewable energy, digital infrastructure and manufacturing.
“Strange Lake is destined to become a major player,” said Maryse Belanger, interim CEO and chairman of Torngat Metals. “Working with Schneider Electric will enable us to integrate world-class industrial technology designed with sustainability in mind into our future operations.”
The two companies aim to take a fully integrated approach through this multi-year agreement, said Frederic Morency, Vice President of Sustainability, Strategic Initiatives and Innovation at Schneider. “This partnership reflects a clear truth: the energy transition depends not only on technology, but on safe and responsible access to critical materials,” Morency said.
The memorandum of understanding was signed in Paris during a meeting on financing supply chains for critical minerals in the G7 and so-called like-minded countries.
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