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Strategic metal demand is increasing, due to their unique properties that make them essential for high technology and environmentally-beneficial applications. Wind turbines and hybrid vehicles like the Toyota Prius simply cannot be built without rare-earth minerals.
Tasman Metals Ltd. is a Canadian mineral exploration and development company focused on strategic metals in the Europe.
"Tasman is the 100-per-cent owner of one of the world's most significant heavy rare earth element deposits," says Mark Saxons Tasman Metals CEO and president.
"Our Norra Karr project is found in the mining friendly jurisdiction of Sweden, and can provide rare-earth element security to the European Union for 50 years."
Norra Karr has been described by industry analyst Jack Lifton as "the most important deposit in the western world for permanent magnets" due to its unusual enrichment of the strongly magnetic metal dysprosium.
Strategic metals include the 15 rare earth elements (REE), and also zirconium, yttrium and niobium. Since over 95 percent of REE supply is currently sourced from China, the European Union (EU) is actively supporting policy to promote the domestic supply of strategic metals to secure high-tech industry.
"Sweden is the largest mining country in the European Union, and we can draw entirely on local staff rather than requiring a higher cost re-located or ex-pat work force," explains Saxons.
Mining royalties and corporate tax rates in Sweden are also some of the lowest in the world.
The Toronto stock market pulled back slightly Friday amid soft U.S. economic data and despite rising resource and financial stocks