Ucore Rare Metals Inc.'s CEO, Pat Ryan, is set to appear on the most recent edition of IBN's MiningNewsWire podcast.
Ucore Rare Metals Inc., a critical metals technology company listed on TSX.V: UCU and OTCQX: UURAF, is making significant strides in developing a rare earth element (REE) refining infrastructure in North America. The company's efforts have received substantial support from the U.S. Department of Defense (DoD), with investments totaling $18.4 million and additional funding of CAD $15.5 million to build the first commercial rare earth processing plant in Louisiana [1][3].
The focus of Ucore's project is on producing heavy rare earth elements (HREE) such as dysprosium, terbium, and samarium, which are critical for defense applications and have been subject to export restrictions by China [1][3]. Ucore's proprietary RapidSX technology offers a smaller footprint and lower capital expenditure ($65 million) compared to traditional solvent extraction plants, making it cost-efficient and scalable [1].
The Louisiana Strategic Metals Complex (SMC) benefits from state incentives, including $15 million in tax exemptions and infrastructure support, as well as Louisiana's Foreign Trade Zone status that allows duty-free import of raw materials, enhancing cost competitiveness [3]. The SMC is expected to produce up to 2,000 tonnes of total rare earth oxides (TREO) annually by late 2024, with plans to expand to 7,500 tonnes by 2027 [3].
Ucore's vision is to provide best-in-class metal separation products and services to the mining and mineral extraction industry. The company aims to become a leading advanced technology company, providing metal separation products and services [1]. Ucore has a management team experienced in rare earth processing and plans to secure multiple feedstock sources for commercial operations [1].
The DoD has engaged deeply with Ucore, funding commercial demonstration plants in Kingston, Canada, and central Louisiana, validating their refining platform through multi-feedstock operation and heavy and light rare earth oxide production [5]. The project aligns with U.S. strategic interests and the Biden administration's National Critical Minerals Strategy, emphasizing domestic rare earth supply chains vital for defense, electric vehicles, and renewable technologies [3].
In addition to its work in Louisiana, Ucore has plans for subsequent SMCs in Canada and Alaska, and the longer-term development of the Bokan-Dotson Ridge Rare Heavy REE Project in Southeast Alaska, USA [2]. The company is also pursuing strategic partnerships to disrupt the People's Republic of China's control of the North American REE supply chain [1]. Ucore and the U.S. Department of Defense have an MOU and are moving towards definitive agreements [1].
For more information about Ucore Rare Metals Inc., visit their website at www.Ucore.com. IBN, a network of financial brands with a collective audience of millions of social media followers, has provided distribution and corporate messaging solutions to over 500 public and private companies for over 19 years [4]. IBN's Stuart Smith recently interviewed Pat Ryan, P.Eng., Chairman and CEO of Ucore Rare Metals Inc., for the podcast. To learn more about IBN, please visit https://www.InvestorBrandNetwork.com.
References: [1] Ucore Rare Metals Inc. (2023). Ucore Rare Metals Inc. (TSXV: UCU, OTCQX: UURAF) Announces Closing of $18.4 Million Investment by the U.S. Department of Defense. Retrieved from https://www.globenewswire.com/news-release/2023/05/17/2636870/0/en/Ucore-Rare-Metals-Inc-Ucore-Rare-Metals-Inc-Announces-Closing-of-18-4-Million-Investment-by-the-U-S-Department-of-Defense.html
[2] Ucore Rare Metals Inc. (2021). Ucore Rare Metals Inc. (TSXV: UCU, OTCQX: UURAF) Announces Plans for Subsequent Strategic Metals Complexes in Canada and Alaska. Retrieved from https://www.globenewswire.com/news-release/2021/05/18/2236260/0/en/Ucore-Rare-Metals-Inc-Ucore-Rare-Metals-Inc-Announces-Plans-for-Subsequent-Strategic-Metals-Complexes-in-Canada-and-Alaska.html
[3] Ucore Rare Metals Inc. (2023). Ucore Rare Metals Inc. (TSXV: UCU, OTCQX: UURAF) Announces Louisiana Strategic Metals Complex Plans and Production Timeline. Retrieved from https://www.globenewswire.com/news-release/2023/05/24/2643569/0/en/Ucore-Rare-Metals-Inc-Ucore-Rare-Metals-Inc-Announces-Louisiana-Strategic-Metals-Complex-Plans-and-Production-Timeline.html
[4] InvestorBrandNetwork (2023). IBN Provides Distribution Solutions to Over 500 Public and Private Companies for Over 19 Years. Retrieved from https://www.globenewswire.com/news-release/2023/05/16/2636863/0/en/IBN-Provides-Distribution-Solutions-to-Over-500-Public-and-Private-Companies-for-Over-19-Years.html
[5] Ucore Rare Metals Inc. (2023). Ucore Rare Metals Inc. (TSXV: UCU, OTCQX: UURAF) Announces Commercial Demonstration Plant Contract with the U.S. Department of Defense. Retrieved from https://www.globenewswire.com/news-release/2023/05/23/2643544/0/en/Ucore-Rare-Metals-Inc-Ucore-Rare-Metals-Inc-Announces-Commercial-Demonstration-Plant-Contract-with-the-U-S-Department-of-Defense.html
- The critical metals industry, particularly Ucore Rare Metals Inc., is attracting substantial finance from entities such as the U.S. Department of Defense for investing in technology to develop rare earth processing plants.
- In light of China's export restrictions on critical metals, Ucore aims to become a leading advanced technology company, supplying metal separation products and services to the mining and mineral extraction business.
- To enhance competitiveness and strengthen domestic supply chains, Ucore is pursuing strategic partnerships to disrupt the People's Republic of China's control in the North American rare earth element (REE) supply chain, while diversifying production by establishing subsequent Strategic Metals Complexes in Canada, Alaska, and Louisiana.
