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Hanau/Berlin - VACUUMSCHMELZE (VAC), a global leader in the production of rare earth
permanent magnets and Torngat Metals, a Quebec-based rare earths
development company, have signed a non-binding Memorandum of
Understanding (MOU) to pursue an offtake agreement for Torngat Metals to
supply VAC with long-term security of fully traceable and responsibly
produced separated rare earth oxides.
The MOU was signed in Berlin today by Yves Leduc, CEO of Torngat
Metals, and Erik Eschen, CEO of VAC, in the presence of Germany’s
Minister for Economic Affairs and Energy Katherina Reiche and Canada’s
Minister of Energy and Natural Resources Tim Hodgson. This strategic
move underscores Canada and Germany's bilateral collaboration in the
area of critical minerals. Both countries are seeking to address the
global heavy rare earths crisis while establishing a permanent magnet
supply chain independent from China.
By joining forces with VAC, Torngat Metals is reinforcing its position
as a reliable partner within the permanent magnet supply chain. Once in
operation, the company’s Strange Lake project will be uniquely
positioned to ensure long-term supply security for the full suite of
light and heavy rare earth oxides needed for permanent magnets.
”As the sole Western producer of sintered rare earth permanent magnets,
VAC is at the forefront of securing a diverse and resilient supply chain
for critical raw materials. The company is expanding our global
capacities and moving upstream into strip casting and metal making,
strengthening every stage of production. Ensuring reliable access to
terbium (Tb) and dysprosium (Dy) – elements essential to
high-performance magnets is the final step, and one that we are
achieving through our strategic partnership with Torngat. This
commitment is essential to reinforce VAC’s strategic position and
bolster the industrial base. In doing so also, we can enhance the
national security of our allied nations by ensuring continuous
availability of technology critical to our collective defense.” said
Erik Eschen, CEO of VAC.
“This MOU highlights our progress – not only in advancing project
development, but also in forging the partnerships needed to build a
resilient and diversified supply chain for rare earth permanent
magnets,” said Yves Leduc, CEO of Torngat Metals. “These critical
minerals are central to advanced clean energy technologies, and we look
forward to working with VAC to play a leading role in driving the
transition.”
“The partnership between Torngat Metals and VAC marks a significant step
forward in Canada’s efforts to build a secure and sustainable supply
chain for rare earth elements. By advancing responsible development at
Strange Lake and forging international collaboration with a global
leader like VAC, Torngat is helping to position Canada as a key
contributor to the permanent magnet supply chain, and an energy and
critical mineral superpower. This agreement reflects our shared
commitment with Germany to reduce reliance on single-source supply
chains and strengthen the resilience of critical mineral access
worldwide,” said Tim Hodgson, Canada’s Minister of Energy and Natural
Resources.
About Vacuumschmelze
VACUUMSCHMELZE (VAC) is a leading global producer of advanced magnetic
solutions, rare earth permanent magnets, and inductive components. With
extensive application know-how and 100 years of experience in material
science and product development, VAC designs and manufactures mission
critical solutions for a wide variety of industries, including renewable
energy, e-mobility, automotive, industrial automation, medical,
aerospace. VAC’s unique ability to develop and manufacture from base
elements through final products enables us to provide customers optimal
form factors and performance, generating best in class efficient
solutions in an environmentally conscious manner. More information is
available at www.vacuumschmelze.com.
VAC is a portfolio company of Ara Partners, a global private equity firm
that is decarbonizing the industrial economy.
About Torngat Metals Ltd.
Torngat Metals is a private company based in Canada working to develop
the Strange Lake Rare Earth Project to responsibly supply rare earth
elements required for high-tech and low-carbon solutions. With
development activities in Quebec, Newfoundland, and Labrador, the
company aims to be a globally recognized supplier of light rare earths
and a global leader in solving the heavy rare earth supply crisis for
dysprosium and terbium. Leveraging robust partnerships with Indigenous
peoples and local communities, new approaches to minimizing
environmental impacts, and cutting-edge engineering, Torngat Metals
looks forward to playing a pivotal role in the global transition to
clean energy. Learn more at www.torngatmetals.com.
Media Contacts
For VAC:
Dominik Kresslein
+49 6181 38-0
pr@vacuumschmelze.com
For Torngat Metals:
Aline Vandermeer
+1 514-605-3416
aline.vandermeer@torngatmetals.com
Distributed by Pressat
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