Search Minerals, a mining and exploration company based in British Columbia and Labrador, is making plans for a rare earth elements mine on the southeast coast of Labrador. The company discovered the Port Hope Simpson Rare Earth Element District, a belt in the area about 70 km long and up to 8 km wide. The company has received a preliminary economic assessment on its “Foxtrot” project, in the Fox Harbour area, to assess the economic viability to move into production. The capital cost is expected to be around $152 million, which is low for an initial capital cost compared to other projects. Rare earth elements are used to make batteries, electronics and magnets.