07:04 AM EDT, 09/27/2024 (MT Newswires) -- Defense Metals ( DFMTF ) late on Thursday said it has signed a memorandum of understanding with the Saskatchewan Research Council (SRC) to help strengthen the rare earth element supply chain in Canada.

The MOU outlines a framework for Defense Metals ( DFMTF ) and SRC to leverage their capabilities in the supply and processing of rare earth materials critical to the production of rare earth magnets.

Under the agreement, the parties aim to explore potential collaborations, enable discussions in processing rare earth materials using SRC's capabilities, and facilitating negotiations of a long-term agreement with SRC for the sale and purchase of Defense Metals' ( DFMTF ) mixed rare earth carbonate.

"By working together with SRC, we believe we can make substantial progress toward closing the rare earth supply chain loop and ensuring the availability of these critical materials for green energy and defence applications that are essential for national security," said Guy de Selliers, executive chairman of Defense Metals ( DFMTF ).

The MOU aligns with the broader Canadian Critical Minerals Strategy focused on developing a domestic industry and reducing reliance on foreign sources of critical minerals.