“Canada has a very good auto market and as it transitions from internal combustion vehicles to electric vehicles, the supply chain of the EV market is not here in Canada. That needs to be established and it starts with rare earths…That is what we want to provide.” States Greg Andrews, President, CEO and Director of Search Minerals Inc. (TSXV: SMY), in an interview with InvestorIntel’s Peter Clausi at PDAC 2020.
Greg went on to say that Search Minerals is drilling for key rare earth magnets like neodymium, praseodymium, dysprosium and terbium. The rare earth permanent magnets are very important for the electric vehicle industry because an average electric car needs about a kilogram of the magnets. Greg also spoke on Search Minerals’ patented Direct Extraction Technology. The technology successfully eliminates many stages of a conventional extraction process, thus reducing cost and increasing efficiencies in processing.
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Disclaimer: Search Minerals Inc. is an advertorial member of InvestorIntel Corp.