Quebec Rare Earth Elements' Strategic Acquisition of Moose REE Project: A Timely Play in the Global Critical Minerals Race

The global transition to clean energy and advanced manufacturing hinges on securing reliable supply chains for critical minerals, particularly rare earth elements (REEs). Among these, neodymium (Nd) and praseodymium (Pr) are indispensable for high-performance magnets used in electric vehicles (EVs), wind turbines, and consumer electronics. Quebec Rare Earth Elements' (QREE) acquisition of the Moose REE Project in Quebec positions the company to capitalize on this surge in demand, aligning with both national and international decarbonization strategies.

Strategic Alignment with Decarbonization Goals

Quebec's Moose REE Project, a 7km-diameter circular magnetic anomaly, has shown exceptional promise. A 2025 sample returned 6.17% total rare earth oxides, with 20.8% of that attributed to NdPr oxides. This concentration of high-value REEs directly addresses the growing demand for NdFeB magnets, which are critical to EV motors and wind turbine generators. The project's strategic location in Quebec further enhances its appeal, as the province has explicitly positioned itself as a leader in critical mineral development through its Québec Plan for the Development of Critical and Strategic Minerals (2020-2025). This plan emphasizes sustainable extraction, processing, and recycling, aligning with global efforts to decarbonize industrial supply chains.

The Moose Project also dovetails with the G7 Critical Minerals Action Plan, launched in June 2025 to diversify supply chains for minerals essential to clean energy technologies. By securing a domestic source of NdPr, QREE contributes to reducing reliance on China, which currently dominates over 85% of global rare earth refining. This geopolitical diversification is a key priority for governments and industries seeking to mitigate supply risks.

Market Dynamics: Growing Demand for NdPr

The decarbonization agenda is driving exponential growth in NdPr demand. From 2025 to 2030, the global REE market is projected to expand at a compound annual growth rate (CAGR) of 10.1%, reaching $28.4 billion by 2032. Specifically, the neodymium market alone is expected to grow at a CAGR of 6.7%, reaching $7.3 billion by 2030. This growth is fueled by EV adoption, with each vehicle requiring 1–2 kg of NdFeB magnets, and the wind energy sector, where offshore turbines like Siemens Gamesa's 15 MW model rely heavily on neodymium-based magnets.

Praseodymium demand is similarly surging. Industry reports suggest that combined NdPr demand could triple between 2022 and 2035, with a significant portion of this growth materializing between 2025 and 2030. However, supply constraints persist, as China controls the majority of production and processing. This imbalance has prompted initiatives like the U.S. Department of Defense's efforts to secure domestic NdPr supplies, underscoring the strategic value of projects like Moose.