Canada Rare Earth covets US site for potential refinery

Canada Rare Earth (CREC) (TSX.V:LL) is moving forward with plans to purchase a 100-acre rare earth refinery site in the United States' pacific north-west region.

CREC announced its intention in May and has now put in a second $50,000 deposit for the property.

The site offers "excellent infrastructure" for a refinery, including readily available power, water and transportation infrastructure, the company stated in a release. The site would allow CREC to export rare earths across the continent.

The junior miner has its eyes on additional refinery sites in Southeast Asia, the Middle East and eastern Europe.

The company will continue assessing the viability of the project for another three months at which point it may make a third deposit of $100,000.

The mining firm made slight headway on the junior market on Monday, gaining 14% to trade at four cents.

Creative Commons image by: Critical Materials Institute