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Profiles of Leading Rare Earth Companies

Company Name
(Symbol: Exchange Listed)
Company Website www.reht.com
Brief Description Headquartered in Baotou, China, Inner Mongolia Baotou Steel Rare Earth Hi-Tech Company is the largest global producer of rare earths and the largest company by market cap.
Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co. Ltd. is principally engaged in the production and sale of refined rare earth mine products, deep processed rare earth products and new rare earth materials.
The company's major products include mixed rare earth carbonate products, rare earth oxides and rare earth metals. During the year ended December 31, 2010, the company produced approximately 62,400 metric tonnes of rare earth oxide products. At the time, this figure represented around half of China’s total production and about 44% of total global rare earths production. Operates the massive Bayan Obo mine in Inner Mongolia.
Baotou distributes its products in the domestic market and to the overseas markets.
Market Cap. $USm
(as of 16th August 2013)
(70.97bn CNY)
Price (as of 16th August 2013) 27.93 CNY
52W High/Low 38.94/19.32 CNY
Shares Outstanding (million) 2,420.0
Average Daily Volume (million) 84.85
P/E 129.34
Total Annual Revenues US$m 1,511.07 (9,242m CNY)
Net Income US$m 246.89 (1,510m CNY)
Net Assets US$m 1,098.72 (6,720m CNY)
Tangible Net Assets US$m 1,098.72 (6,720m CNY)
Total Debt US$m 1,011.08 (6,184m CNY)
(Latest available) 2009 - 57,600 metric tonnes REE products. 2010 - 62,400 metric tonnes REE products.
Not published/available.

Recent News:

At the end of 2012 the Inner Mongolia Baotou Steel Rare-Earth (Group) Hi-Tech Co signed an integration agreement with 12 rare earth producers in Inner Mongolia autonomous region. The move marked the latest step towards the establishment of the Northern Rare Earth Group and the concentration of the light rare earth industry in Northern China.

The Inner Mongolia autonomous region government first issued the integration plan for rare earth upper stream enterprises in the region in May 2011. The plan listed 35 rare earth miners and processors within the framework with Baotou Steel Rare-Earth (Group) Hi-Tech in charge of mining, selection of mine locations, processing, management and separation.

In April 2012 the organisation offered subsidies to 22 upper stream rare earth companies that were closed and opened the integration process to another 13 enterprises.

The final list of companies to be integrated include Baotou Jinmeng Rare Earth Co Limited, Baotou Xinyuan Rare Earth Hi-tech and New Material Co Ltd and Baotou Xinye New Material Co Ltd. According to the latest agreement, 12 companies and their shareholders agreed to hand over 51% of their company shares to Baotou Steel Rare-Earth (Group) Hi-Tech. After completion of the integration, Baotou Steel will be responsible to marketing and sales strategy and their industry and product layout.

In August 2012, general manager Zhang Zhong said that the company would lead the establishment of China North Rare Earths (Group) Hi-tech Co, with the company's light rare earth output expected to account for more than half of the world's total. In October 2012, in order to help stabilise slumping prices in the domestic rare earth market, Baotou Steel Rare-Earth halted some of its smelting and separation operations production for three consecutive months. In March 2012 Baotou Steel Rare-Earth reported net profit in 2011 jumped 360% to 3.48 billion yuan while sales rose 120% to 11.53 billion yuan.

Company Name
(Symbol: Exchange Listed)
Company Website www.lynascorp.com
Brief Description

Headquartered in Sydney, Lynas Corporation is an Australian-based ASX 100 listed company. The company’s Mount Weld concentration plant is located in Western Australia, the richest known deposit of rare earths in the world. Construction of the concentration plant was completed in 2011 and the first crushed ore fed to the ball mill of the plant in May 2011. Lynas has also built a materials processing plant, the Lynas Advanced Materials Plant (LAMP) in Pahang, Malaysia, for the production and distribution of Rare Earth Oxides. Construction was completed in 2012 and the first rare earths concentrate arrived from Western Australia in November 2012. Since then, the plant has been progressively commissioned and is ramping up production capacity. Lynas commenced commercial production of rare earth products from the LAMP during the June 2013 quarter.

In December 2009, the Company completed an acquisition of rights relating to apatite at Mount Weld. The Company is a registered holder of all relevant tenements controlling all minerals rights within those tenements at Mount Weld. In March 2011 Lynas completed construction of the concentration plant in Mount Weld. Malaysian processing plant 91% complete as of February 2012.

Market Cap. $USm
(as of 16th August 2013)
(784.32m AUD)
Price (as of 16th August 2013) 0.40 AUD
52W High/Low 0.95/0.36 AUD
Shares Outstanding (million) 1,960
Average Volume (million) 8.23
P/E Not specified
Total Annual Revenues US$m 0 (0m AUD)
Net Income US$m -80.61 (- 88.00m AUD)
Net Assets US$m 515.71 (563.00m AUD)
Tangible Net Assets US$m 515.71 (563.00m AUD)
Total Debt US$m 369.15 (403.00m AUD)

At the end of Q2 2013, the Concentration Plant had produced 15,710 dry tonnes of concentrate containing 5,626 tonnes of REO for export. The plant is designed to process 121,000 tonnes p.a. of ore and produce in excess of 33,000 tonnes p.a. of REO (Rare Earths Concentrate). Ore commissioning of the Phase 2 Concentration Plant circuit commenced in April 2013.

Lynas commenced commercial production and shipments from its Advanced Materials Plant (LAMP) during the June 2013 quarter. Total tonnes produced for the quarter were 144 tonnes on an REO equivalent basis. Total tonnes shipped for the quarter were 117 tonnes on an REO equivalent basis.

Three separate rare earth projects identified in the latest Technology Metals Research (TMR) Index. The company’s Mount Weld project in Western Australia is one of the largest REE reserve areas outside of China and consists of two deposits: i) The Duncan Deposit, which has a total of 8.99 million tonnes resources at a grade of 4.84% REO for a total of 435,116 tonnes REO. ii) The Central Lanthanide Deposit (CLD) which has a total of 14.95 million tonnes resources at 9.73% REO for a total of 1.454mt REO.
iii) The Kangankunde Deposit in Malawi, which has a total of 2.53 million tonnes resources at a grade of 4.24% REO, equating to 107,272 tonnes REO. Combined Lynas total REO resources of 2.001 million tonnes.
Company Name
(Symbol: Exchange Listed)
Company Website www.molycorp.com
Brief Description

Molycorp Inc. is a Colorado-based mining group and one of the world’s leading rare earths and rare metals companies. With offices in the US, Europe and Japan, the company spans 26 locations in 11 countries and owns the most developed rare earth project outside of China.

Originally formed in 2008 to re-open the Mountain Pass mine and processing facility in California. At its flagship Mountain Pass facility the company mines, crushes, mills and separates rare earth ore to produce individual REEs.
Mountain Pass was originally mined from 1952-2002 and was the world's largest source of rare earths from the mid-60s to the early 90s. At its peak the mine was producing around 70% of world supply. After its formation in 2008 the company immediately began to manufacture rare earth products from surface stockpiles, primarily to develop its processing capabilities but in doing so it also generated some cash flow ($7M in 2009) and became the only current producer of rare earths in the Western Hemisphere.

In addition to its current production of rare earth oxides at Mountain Pass, the company produces rare earth metals, rare earth alloys (such as neodymium-iron-boron and samarium-cobalt alloys) and rare metals such as niobium and tantalum.

In March 2012 Molycorp agreed to buy Neo Material Technologies Inc., a processing company listed in Toronto that earnt most of its revenues in Asia. The C$1.30 billion (US$1.31bn) deal served to turn Molycorp into a one-stop rare earth shop, giving Molycorp cutting-edge processing technology, expanding its product portfolio and providing valuable magnetic alloy patents. The takeover also served to reduce the company’s (perceived) reliance on lower value light rare earths such as cerium and lanthanum, expanding its strategic rare metals portfolio to also include gallium, rhenium and indium.

Market Cap. $USm
(as of 16th August 2013)
Price (as of 16th August 2013) 6.29 USD
52W High/Low 14.44/4.70 USD
Shares Outstanding (million) 188.61
Average Volume (million) 7.62
P/E Not specified
Total Annual Revenues US$m 529.00
Net Income US$m -450.00
Net Assets US$m 1,237.00
Tangible Net Assets US$m 997.00
Total Debt US$m 1,228.00

In 2012 Molycorp sold 9,223 tonnes of product across its business segments.
Total Q4 2012 production was 3,102 tonnes (at an average selling price of $43.28/kg).
Total Q2 2013 production amounted to 3,039 tonnes (at an average selling price of $45.04/kg).
The Mountain Pass facility successfully demonstrated an operating capacity in excess of 15,000 tonnes per year of rare earth oxide (REO) equivalent. The company is targeting a planned run rate of 19,050 tonnes of REO p.a.


Reserves: In April 2012 Molycorp announced a 36% increase in its proven and probable reserves of rare earth minerals at Mountain Pass. New estimates that the proven and probable component of Molycorp’s ore body contains approximately 2.94 billion pounds (1.3 million metric tonnes) of contained REO equivalent. This compares to the previous estimate of 2.24 billion pounds of contained REO product (1.02 million metric tonnes).

Resources: According to the latest TMR Index the Mountain Pass facility has a total of 31.55 million tonnes of resources at a grade of 6.567% REO for a total of around 2.072 million tonnes REO.

Company Name
(Symbol: Exchange Listed)
Company Website www.avalonraremetals.com
Brief Description

Avalon Rare Metals Inc. is a Canada-based mineral exploration and development company headquartered in Toronto. The company trades on both the Toronto Stock Exchange and the New York Stock Exchange (NYSE-AMEX).

The Company's primary focus is on rare metals and minerals, including tin, lithium, tantalum, niobium, cesium, indium, gallium, zirconium and calcium feldspar. It is in the process of exploring or developing three of its six mineral resource properties. The company's active projects (Thor Lake Rare Metals Project, Separation Rapids and East Kemptville) are rare minerals or rare metals properties that are at an advanced stage with identified mineral resources.

The Nechalacho Rare Earth Element Project located at Thor Lake, Northwest Territories, is Avalon's 100% owned flagship project and is recognised internationally for its exceptional wealth of heavy rare earth elements. Initial sales at Thor Lake scheduled to begin in 2016.

Market Cap. $USm
(as of 16th August 2013)
(93.42m CAD)
Price (as of 16th August 2013) 0.90 CAD
52W High/Low 2.40/0.52 CAD
Shares Outstanding (million) 103.80
Average Volume (million) 0.12
P/E Not specified
Total Annual Revenues US$m 1.08 (1.11 CAD)
Net Income US$m -10.66 (- 11.00 CAD)
Net Assets US$m 113.34 (117.00 CAD)
Tangible Net Assets US$m 113.34 (117.00 CAD)
Total Debt US$m 0

None to date – production start-up of rare earths from Thor Lake targeted for 2015, sales in 2016. Anticipated REO production of 10,000 tonnes p.a.

Avalon's flagship project is the Nechalacho Rare Earth Project located at Thor Lake in Canada. The latest TMR Index splits the Nechalacho Project into two separate areas, Nechalacho Basal and Nechalacho Upper. Total REO resources broken down by TMR as follows: Nechalacho Basal – 125.72 million tonnes @ 1.43% REO equating to 1.798 million tonnes REO. Nechalacho Upper – 177.73 million tonnes @ 1.32% REO equating to 2.346 million tonnes REO. Total Avalon REO resources = approx. 4.145 million tonnes.
Company Name
(Symbol: Exchange Listed)
Company Website www.arafuraresources.com.au
Brief Description

Arafura Resources Limited is an Australia-based company headquartered in Perth. The company is solely focused on its Nolan Project in Australia, said to be a world class Rare Earths deposit. The project comprises two sites: the Nolans Bore Mine in the Northern Territory and the Whyalla Rare Earths complex in South Australia.

In April 2013 the company announced that it was scrapping plans for a $1 billion minerals processing plant at Whyalla: the company had planned to ship rare earths from its Nolan Bore mine to a dedicated complex and intermediate chemical processing plant in Whyalla for processing, but the company now intends to process the minerals closer to its mine site in the Northern Territories and export it from Darwin.

Its wholly owned subsidiaries include Arafura Group Holdings Pty Ltd, Arafura Rare Earths Pty Ltd, Arafura Uranium Pty Ltd and Arafura Iron Pty Ltd.

Market Cap. $USm
(as of 16th August 2013)
(43.24m AUD)
Price (as of 16th August 2013) 0.094 AUD
52W High/Low 0.245/0.062 AUD
Shares Outstanding (million) 441.27
Average Volume (million) 0.15
P/E Not specified
Total Annual Revenues US$m 2.40 (2.62m AUD)
Net Income US$m -7.96 (- 8.69m AUD)
Net Assets US$m 130.99 (143.00m AUD)
Tangible Net Assets US$m 130.99 (143.00m AUD)
Total Debt US$m 0.03 (0.03m AUD)

None to date. Arafura is targeting production of 20,000 tonnes of rare earth oxide (REO) p.a. (plus potentially co-products of phosphate and uranium) within the next 2 to 3 years.
A feasibility study is relatively advanced, having achieved major process development milestones in 2012 and 2013 via the production of five purified REO products from Nolans Bore material: mixed HRE-Y Oxide, SEG Oxide and NdPr Oxide products, and separated Ce Oxide and La Oxide products.

PROBABLE RESERVES Total Nolans Bore Deposit: TOTAL REO. 24.0 million tonnes @ 2.8% REO equating to 672,000 tonnes. Uranium. 0.02% U3O8 equating to 4,800 tonnes.
[Also 2.88 million tonnes of phosphorus pentoxide/P2O5 probable reserves].
MEASURED RESOURCE REO. 4.3 million tonnes @ 3.3% REO equating to 144,000 tonnes.
Uranium. 0.03% U3O8 equating to 1,290 tonnes.
INDICATED RESOURCE REO. 21.0 million tonnes @ 2.6% REO equating to 563,000 tonnes.
Uranium. 0.02% U3O8 equating to 4,200 tonnes.
INFERRED RESOURCE REO. 22.0 million tonnes @ 2.4% REO equating to 511,000 tonnes.
Uranium. 0.02% U3O8 equating to 4,400 tonnes.
TOTAL RESOURCES Total Nolans Bore Deposit: TOTAL REO. 47.0 million tonnes @ 2.6% REO equating to 1,217,000 tonnes. Uranium. 0.02% U3O8 equating to 9,400 tonnes.
[Also 5.17 million tonnes of phosphorus pentoxide/P2O5].
According to the latest TMR Index, the Nolans Bore Deposit currently has a total of 47.16 million tonnes of resources at 2.62% REO, equating to a total of 1.236 million tonnes REO. The deposit also contains significant quantities of phosphate pentoxide and uranium not detailed by TMR (see above).
Company Name
(Symbol: Exchange Listed)
Company Website www.rareelementresources.com
Brief Description

Headquartered in the USA, Rare Element Resources Ltd. is engaged in the acquisition, exploration and development of mineral properties. The company's principle property is the Bear Lodge Property located in Wyoming, USA. The property contains the Bear Lodge REE Project as well as the Sundance Gold Project.

The Bear Lodge Property contains one of the largest disseminated rare-earth element (REE) deposits in North America as well as extensive gold occurrences. The Bear Lodge Project has high-grade light REE (LREE) and significant quantities of heavy REEs (HREEs).

In 2013 the company announced a 65% increase in its measured and indicated resource. Within the expanded resource the company also identified a high grade core of approximately 40% that could be mined first to boost previous economic returns and allow for lower initial capital costs.

In 2011, Rare Element Resources announced the discovery of high grades of heavy rare-earth elements (HREE) in the Whitetail Ridge resource area, and in the East Taylor and Carbon target areas, and the discovery of high-grade REE mineralisation at the East Taylor target at the Bear Lodge REE Project.

In 2010 the company acquired the Eden Lake property in Manitoba, Canada and the Nuiklavik property in Labrador, Canada. Both Eden Lake and Nuiklavik properties contain REE targets.

Market Cap. $USm
(as of 16th August 2013)
(98.89m CAD)
Price (as of 16th August 2013) 2.20 CAD
52W High/Low 5.02/1.60 CAD
Shares Outstanding (million) 44.95
Average Volume (million) 0.02
P/E Not specified
Total Annual Revenues US$m 0
Net Income US$m -15
Net Assets US$m 37
Tangible Net Assets US$m 37
Total Debt US$m 0

None to date

Bear Lodge Property:
Latest NI 43-101-compliant resource estimate reported Measured and Indicated resources (Bull Hill and Whitetail deposits combined) of 14.65 million tonnes grading 3.22% TREO (equating to 428,192 tonnes REO).
Inferred resource of 23.4 million tonnes at Bull Hill @ 2.63% TREO, equating to 615,420 tonnes.
Inferred resource of 8.0 million tonnes at Whitetail @ 2.82% TREO, equating to 225,600 tonnes.
Total inferred resource of 841,020 tonnes TREO.
Total resources of 1,269,212 tonnes TREO.

Latest TMR Index states 51.71 million tonnes @ 2.728% TREO, equating to around 1.411 million tonnes total REO.

Company Name
(Symbol: Exchange Listed)
Company Website www.alkane.com.au
Brief Description

Headquartered in Perth, Alkane Resources Limited is engaged in the mining and exploration of gold and other minerals and metals in New South Wales, Australia. The company is focused on gold, zirconium, niobium and rare earths. Current development works include the Dubbo Zirconia Project, the Tomingley Gold Project (a medium-sized gold project that will commence production in early 2014), and four copper-gold exploration projects which are currently being evaluated.

The Dubbo Zirconia Project is located 30 kilometres south of the regional centre of Dubbo in the Central West Region of New South Wales. This project is said to be a world-class resource of zirconium, hafnium, niobium, tantalum, yttrium and rare earths. A demonstration pilot plant (DPP) at ANSTO has been running since 2008, allowing Alkane to prove the DZP’s technical and financial viability. The DPP has resulted in the development of a working flowsheet and verified resource extraction and processing methods. Production targeted for late 2014/early 2015.

Alkane’s Tomingley Gold Project is also situated in New South Wales, and is centred on three gold deposits located 14 kilometres north of its Peak Hill Gold Mine. This is a new gold development with total resources (as of 2012) of around 811,700 ounces. Construction has commenced after Alkane received its mining lease in February 2013. Production targeted for early 2014.

The company’s Peak Hill gold mine has previously been in production from 1996 – 2005. The McPhillamys Gold Project is a major gold discovery of around 3 million ounces (joint venture with Newmont. Newmont currently 51%).

Market Cap. $USm
(as of 16th August 2013)
(134.15 million AUD)
Price (as of 16th August 2013) 0.365 AUD
52W High/Low 1.19/0.245 AUD
Shares Outstanding (million) 372.64
Average Volume (million) 0.41
P/E 1.87
Total Annual Revenues US$m 88.85 (97.00m AUD)
Net Income US$m 61.37 (67.00m AUD)
Net Assets US$m 216.18 (236.00m AUD)
Tangible Net Assets US$m 216.18 (236.00m AUD)
Total Debt US$m 0

None to date. Production from the Dubbo Zirconia Project targeted for late 2014/early 2015. The mine is expected to process 1,000,000 tonnes of ore throughput per year over a period of 70 years or more.
Expected DZP output in 2016 of 16,000 tonnes p.a. of zirconium materials, 4,900 tpa rare earth oxides, and 3,000 tpa ferroniobium.
Production from the Tomingley Gold Project targeted for early 2014.


According to the latest Technology Metals Research (TMR) Index, total REO resources at the company's Dubbo Zirconia Project in Australia consist of 73.20 million tonnes @ 0.89% total REO, equating to 651,480 tonnes.

According to the company’s website, total P&P mineral reserves (2011) at the Tomingley Gold Project amount to 209,100 ounces of gold, and total resources (2012) amount to 811,700 ounces of gold.

Company Name
(Symbol: Exchange Listed)
Company Website www.mbacfert.com
Brief Description

Headquartered in Toronto, Canada, MBAC Fertilizer Corp. is engaged in the mining, production and exploration of phosphate and potash fertilizer. MBAC is focused on becoming a significant integrated producer of phosphate and potash fertilizers in the Brazilian and Latin American markets. The company operates a small-scale phosphate mine and a mill and treatment plant facility in the State of Tocantins, located in central Brazil. The phosphate rock from the Itafos Campos Belos RNP Operations is mined, processed and sold to local farmers for direct application.

The company continues to explore various other assets and phosphate and potash opportunities throughout Brazil, including the development of the Santana phosphate project in Para State, Brazil, (the Santana Project) and the Araxa rare earth oxide-phosphate-niobium project in Minas Gerais State, Brazil (the Araxa Project).

As of December 31st, 2011, the Araxa Project consisted of four tenements covering 214 hectares of a carbonatite.

Market Cap. $USm
(as of 16th August 2013)
(309.09m CAD)
Price (as of 16th August 2013) 2.04 CAD
52W High/Low 3.94/1.32 CAD
Shares Outstanding (million) 152.03
Average Volume (million) 0.03
P/E Not specified
Total Annual Revenues US$m 5.81
Net Income US$m -27.00
Net Assets US$m 189.00
Tangible Net Assets US$m 189.00
Total Debt US$m 174.00

No rare earths produced to date.


In terms of rare earths, according to the latest TMR index, MBAC has total REO resources at Araxa of 28.29 million tonnes @ 4.208% total REO, equating to 1.19 million tonnes TREO.

Company Name
(Symbol: Exchange Listed)
Company Website www.frontierrareearths.com
Brief Description

Frontier Rare Earths Limited, formerly Frontier Minerals Limited, is a Canada-based company. An exploration and development company engaged in finding, mining and processing rare earth mineral resources in South Africa. Frontier is focused on its flagship Zandkopsdrift rare earth deposit, which covers a total area of 58,862 hectares in the south western part of the Northern Cape Province of the Republic of South Africa (450km from Cape Town).

The Zandkopsdrift Project is said to be one of the largest, code-compliant rare earth deposits under development in the world, comprising a large, rare earth-bearing carbonatite and 30 smaller satellite intrusives.

The Zandkopsdrift Zone has the highest TREO grade and the highest grade of high value HREOs (europium, terbium and dysprosium) of significant advanced deposits (greater than 200,000 tonnes TREO) outside of China.

In December 2011, Frontier signed a definitive joint venture agreement with Korea Resources Corporation (KORES), focused on the financing and development of the Zandkopsdrift rare earth project. Under this agreement Kores acquired an initial 10% stake in Zandkopsdrift together with an offtake right and obligation for 10% of Frontier's Zandkopsdrift rare earth production. The consideration for the 10% stake in Zandkopsdrift acquired by Kores was C$23.8m. [Kores is the Korean Government-owned mining and natural resource investment company whose mandate is to ensure that Korean industry has secure access to strategically important mineral resources. As rare earths are critical raw materials needed to support Korea's high technology industry and future economic growth, the Zandkopsdrift project is a strategic priority project for both Kores and Korea].

In October 2012, Frontier announced a significant expansion of their strategic partnership with Kores, whereby Kores has an option to increase its participation in Zandkopsdrift from its current 10% interest up to a 50% or equal interest with Frontier in Zandkopsdrift, together with a pro-rata off-take right and obligation for up to 50% of production from Zandkopsdrift.

Market Cap. $USm
(as of 16th August 2013)
(32.58m CAD)
Price (as of 16th August 2013) 0.365 CAD
52W High/Low 0.96/0.36 CAD
Shares Outstanding (million) 89.56
Average Volume (million) 0.17
P/E Not specified
Total Annual Revenues US$m 0.02
Net Income US$m -3.47
Net Assets US$m 77.00
Tangible Net Assets US$m 77.00
Total Debt US$m 0

None to date. According to the latest company presentation (dated August 2013), with construction now due to start in 2014/15, the company is targeting production of 20,000 tonnes rare earths p.a. for around 2016.


The latest TMR Index defines Zandkopsdrift rare earth resources as follows: 42.48 million tonnes @ 2.223% TREO, equating to around 948,578 tonnes total rare earths.

Company Name
(Symbol: Exchange Listed)
Company Website www.matamec.com
Brief Description

Headquartered in Montreal, Canada, Matamec Explorations Inc. is a junior mining exploration company.

In July 2012 Matamec signed a Joint Venture Agreement with Toyotsu Rare Earth Canada Inc. The JV relates only to the company’s Kipawa deposit, which is located within its Zeus property. Matamec is the operator of the JV (49% Toyota and 51% Matamec) and Toyota provided $8.5 million (25%) and $7.5 million (24%) for a NI 43-101 independent bankable feasibility study. Toyota will arrange with Matamec the financing through to production, and technical assistance will be provided by the worldwide Toyota network to fast track the project.

While Matamec’s main focus is in developing the Kipawa heavy rare earths deposit with Toyotsu, in parallel the company is exploring more than 35km of strike length in the Kipawa Alkalic Complex for rare earths-yttrium-zirconium-niobium-tantalum mineralization on its Zeus property.

The company is also exploring for gold, base metals and platinum group metals. Its gold portfolio includes the Matheson JV property located along strike and in close proximity to the Hoyle Pond Mine in Timmins, Ontario.

In Quebec, Matamec is exploring for lithium and tantalum on its Tansim property and for precious and base metals on its Sakami, Valmont and Vulcain properties. In addition, it is exploring for gold together with Northern Superior Resources Inc. on the Lesperance/Wachigabau property.

Market Cap. $USm
(as of 16th August 2013)
(20.45m CAD)
Price (as of 16th August 2013) 0.17 CAD
52W High/Low 0.24/0.13 CAD/td>
Shares Outstanding (million) 120.30
Average Volume (million) 0.09
P/E 39.72
Total Annual Revenues US$m 0
Net Income US$m -0.12 (- 0.12 CAD)
Net Assets US$m 15.50 (16.00 CAD)
Tangible Net Assets US$m 15.50 (16.00 CAD)
Total Debt US$m 0

None to date. First production expected in Q4 2015.


According to the latest TMR Index, the company’s Kipawa resources total 24.45 million tonnes @ 0.421% REO, equating to over 100,000 tonnes total REO.

Company Name
(Symbol: Exchange Listed)
Company Website www.tasmanmetals.com
Brief Description

Headquartered in Vancouver, Tasman Metals Ltd. is a junior resource company. The company is engaged in the acquisition and exploration of unproven rare earth elements (REE) and also holds interests in iron ore properties in Scandinavia.

Tasman is in the process of exploring and evaluating its mineral properties. The company's REE Project's include Sweden, which consists of 100% ownership of Norra Karr and Olserum (said to be two of the world’s most significant heavy rare earth element projects); Finland, which consist of Korsnas, Otanmaki, Siilinjarvi and Laivajoki, and Norway. Norra Karr is the company’s flagship project and is said to be the fourth largest heavy rare earth (HREE) deposit in the world.

As of August 31, 2012, the company was the 100% owner of 124 claims and claim applications for metals, including rare earth elements in Sweden, Finland and Norway, and the owner of various interests in four iron ore exploration claims in the Kiruna district of Sweden.

In October 2011, Tasman announced the acquisition of a 100% interest in a rare earth element project in southern Sweden, located only 100 kilometres east of the company's flagship Norra Karr project.

Market Cap. $USm
(as of 16th August 2013)
(49.90m CAD)
Price (as of 16th August 2013) 0.82 CAD
52W High/Low 1.97/0.51 CAD
Shares Outstanding (million) 60.85
Average Daily Volume (million) 0.02
P/E Not specified
Total Annual Revenues US$m 0
Net Income US$m - 9.56 (- 9.87 CAD)
Net Assets US$m 9.51 (9.82 CAD)
Tangible Net Assets US$m 9.51 (9.82 CAD)
Total Debt US$m 0
None to date. Initial production from 2016/17 onwards being targeted by the company. Norra Karr has a 40-year mine life and will supply 300 tonnes of dysprosium oxide and 2,000 tonnes of yttrium oxide annually.
According to the latest TMR Index, Norra Karr contains a total resource of 58.10 million tonnes averaging 0.59% TREO, equating to 342,790 tonnes total REO.
Additional Tasman project detailed by TMR is Olserum (also located in Sweden) containing a total of 7.80 million tonnes @ 0.62% TREO, equating to 48,360 tonnes.
Combined Tasman total REO resources of 391,150 tonnes.


Rare earth information obtained from TMR (Technology Metals Research) Advanced Rare Earth Projects Index. Last updated by TMR as of July 24th 2013. Only exceptions to this are figures for Inner Mongolia Baotou Steel as the TMR Index currently excludes any advanced rare earth projects located in either China or India. Production information where stated from individual company websites/presentations.