RWR: China’s Sinomines Eyes Strategic Metals Assets in Canada
Wed September, 2020, Age: 2 years
The Canadian mining company Power Metals Corporation (PWM) has reportedly signed a letter of intent with Chinese state-owned Sinomine Resource Group to explore and develop Power Metals’ mineral properties in Canada. These properties contain prospective reserves rare earth metals including cesium, lithium and tantalum. These elements have strategic industrial and defense applications. Cesium, in particular, is crucial to the development of 5G technologies, and China currently maintains an effective monopoly on global cesium supplies via strategic acquisitions and offtake agreements.