The Ohio-based magnets company signed an agreement with the Saskatchewan Research Council to increase capacity at a government-backed facility for processing rare earths. Under the arrangement, REalloys will invest US$21 million to expand rare earths production in exchange for 80 per cent of the plant’s output. (The Logic, Reuters)

Talking point: The deal comes as the U.S. looks for alternative supplies of critical minerals as a way to combat China’s domination of the market. Launched in 2023, REalloys was formed in part from its 2024 acquisition of Yukon’s Strategic Metals Development, which owns the Hoidas Lake rare earths project in Saskatchewan. Earlier this year, it also took control of the Euclid magnet facility in Ohio. The company counts former Saskatchewan premier Brad Wall and Canada’s former U.S. ambassador David MacNaughton among its board members.