China’s recent attempt to secure a rare earth minerals stockpile ended in failure when a competitor stepped in to snag the deal.

Vital Metals, a mining firm based in Australia, announced Monday that minerals collected from its Saskatchewan-based Nechalacho Project will remain within Canadian borders.

“We were presented with a case of elevated interest for Canada,” Vital’s managing director Geordie Mark told The Northern Miner, later adding: “This agreement highlights the strategic value and importance of the Nechalacho rare earths project and the prioritization of a rare earths value chain in Canada.”

According to Vital, the Nechalacho site in northern Canada could hold more than 200 million tons of rare earth elements (REEs), which are used in green energy production and weapons manufacturing. Right now, China dominates the industry despite its comparatively small natural stock, clinching 75% of the global market with only 35% of the global REE reserves.