Far Resources Applauds the Adoption of The Joint Action Plan On Critical Minerals Collaboration by Canada and the USA

Nachrichtenquelle: globenewswire
17.01.2020, 15:00  |  181   |   |   

VANCOUVER, British Columbia, Jan. 17, 2020 (GLOBE NEWSWIRE) -- Far Resources Ltd (CSE:FAT) (FSE:F0R) (OTC:FRRSF) is extremely encouraged by the recent adoption of the Joint Action Plan on Critical Minerals Collaboration entered into by Canada and the USA, and the potential for opportunities that may be opened up to the company as the process develops. The Action Plan will provide stability for specific strategic metals in North America, and recognizes the acknowledgement by both nations of the need to develop — amongst others — battery storage materials and the technologies and industries in which they will be utilized. The agreement, ratifying the Action Plan, was signed on January 9 between the Canadian and US governments. It is a cross-border initiative which will guide cooperation in areas such as industry engagement and efforts to secure critical minerals supply chains for strategic industries, including battery metals.

Far has long-recognized that it is crucial to reposition and differentiate ourselves within the industry, and has identified battery metals and related technologies as strategically important sectors, both now and in the coming decade. Our belief in this strategy is now being reinforced by the Canadian and US governments, a trigger highlighted by Far management as being key to the company’s future growth and shareholder returns.

Recognizing the threat of being entirely reliant on China for these minerals, the Action Plan will promote joint initiatives including research and development cooperation, supply chain modelling, increased support for industry, and cooperation in multilateral fora and with other countries. These initiatives will only help strengthen the lithium industry as we move forward into a sustainable and decarbonized world.

Of the 35 minerals covered by the Action Plan, Canada is a key supplier of 13. This collaboration is predicted to attract significant future investment in Canadian exploration and mining projects, as well as encouraging the creation of jobs and boosting economic growth in various downstream industries, such as the battery technology development being undertaken by Far and its partners. We believe that our lithium projects may contribute significantly to Canada’s position as an important source of this vital component of the battery supply chain: finalizing the Action Plan is expected to refocus investment attention on these critical metals, including the exciting lithium projects held by Far in Canada.

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