Toyotsu Rare Earth Canada has just completed a second installment on the transaction, paying $1.1 million to Canada's Matamec Explorations Inc., following an initial payment of around $8.5 million in July. The July remittance gave Toyotsu a 25 percent stake, and the company will pay a total of around $7.5 million - including the $1.3 million - to bring it up to 49 percent
In a press release on its website, Matamec describes itself as a "junior mining exploration company" that is focused on exploring for heavy rare earth deposits in Kipawa, Quebec, in partnership with Toyotsu. It is also exploring for the rare earth elements yttrium, zirconium, niobium and tantalum on Matamec's Zeus property in the Kipawa Alkalic Complex.
Car makers like Toyota build rare earth metals into hybrid vehicles, and also into conventional cars where they're used in catalytic converters. Rare earths are also across a broad range of goods, from missiles to magnets to iPods.
Rare earth mining and processing can be environmentally hazardous. China controls over 95 percent of the market, and restricts exports, so other countries are beginning to increase their own rare earth activity.
Toyotsu is a subsidiary of Toyota-Tsusho Corp., which is a subsidiary of Toyota.
Images: Kipawa from P199 via Wikimedia. Map from Matamec.