VANCOUVER, British Columbia, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Canada Rare Earth Corp. (“Canada Rare Earth” or the “Company”) (TSX.V: LL) is developing an international supply chain business based on our commodity-trading platform and existing, developing and planned processing facilities.
Tracy A. Moore, Chief Executive Officer of Canada Rare Earth explained, “We are achieving great strides in our international supply chain business. Our proprietary sources of supply are forming through joint ventures and partnerships while we are expanding and diversifying sources from independents and agents. With increased security of supply we are placing even greater emphasis on processing facilities and operations particularly in South America and Southeast Asia. The facilities increase our options of selling supply on an as is basis or selling value-added products for greater returns. Our customer base is solid and expanding and is encouraging us to accomplish more, faster.”
Peter Shearing, Chief Operating Officer of Canada Rare Earth continued, “With our expanding supply base and with our ability to deliver appropriate processing systems and know-how we are presented with an increasing number of additional opportunities to purchase supply and to participate in value-add processing. Our team is focusing on an expansion track to take advantage of the momentum we have created.”
Highlights of our recent focused, high priority activities include:
- $2.5 million of revenues during the two years ended December 31, 2018;
- Revenues in the current quarter expected to exceed average levels by a substantial margin;
- Our customer base requesting much greater volumes from us;
- Our product supply is increasing from an expanding base of independent and agent sources;
- We are developing our own proprietary sources through arrangements such as the two announced in February 2019;
- We are securing value-add processing facilities through acquisitions, joint ventures and development; and
- Gross profits averaging 12.5% of revenues during the two years ended December 31, 2018 before considering finder’s fees, royalties and amortization.
Other recent activities include:
- Considering complementary supply sources in Asia, Southeast Asia, North and South America, and Africa;
- Continuing to work on the final operating permit for the Laos refinery; and
- Discussing participation in a refinery currently under construction.
About Canada Rare Earth Corp.
Canada Rare Earth is generating revenues and gross profits as we develop our integrated supply chain business based on the rare earth industry and with increasing attention directed to valuable by-products. Our business involves sourcing, adding value and selling rare earths and other mineral products in all stages and forms utilizing proprietary, affiliated and third party sources and facilities.
On behalf of the Board
Tracy A. Moore, CEO and Peter Shearing, COO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-looking statements in this release are made pursuant to the ‘safe harbour’ provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
FOR FURTHER INFORMATION PLEASE CONTACT:
|Tracy A. Moore
Chief Executive Officer
Chief Operating Officer
|Tel: (604) 638-8886