en.Wedoany.com Reported - Schneider Electric and Torngat Metals have signed a Memorandum of Understanding to explore an industrial partnership aimed at supporting the domestic rare earth supply chain.

The two companies stated that this non-binding Memorandum of Understanding is intended to establish a comprehensive partnership, covering the development of next-generation mining and processing projects while strengthening Schneider Electric's supply chain. In a press release, both parties emphasized the importance of Torngat Metals' Strange Lake rare earth project located in Nunavik, Quebec. The project is expected to produce rare earth elements essential for permanent magnets used in renewable energy, digital infrastructure, and manufacturing.

"Strange Lake is designed to be a key player," said Maryse Bélanger, Interim CEO and Chair of the Board of Torngat Metals. "Partnering with Schneider Electric will allow us to integrate world-class industrial technologies with a sustainability mindset into our future operations."

Frederick Morency, Vice President of Sustainability, Strategic Initiatives, and Innovation at Schneider Electric, stated that the two companies aim to achieve a fully integrated approach through this multi-year agreement. "This partnership reflects a clear reality: the energy transition depends not only on technology but also on secure and responsible access to critical materials," Morency said.

The Memorandum of Understanding was signed during a meeting in Paris on financing for critical mineral supply chains, attended by the Group of Seven (G7) and so-called like-minded countries.

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