Ucore funds path to commercial rare earth element production
The added funding will go towards the construction of an initial production-ready RapidSX machine in Alexandria, Louisiana, deploying the company's rare earth element separation technology at commercial scale
Ucore specializes in rare earth element and critical metal resources extraction, beneficiation and separation technologies for the mining industry
Ucore Rare Metals stock has added 122.86 per cent year-over-year but remains down by 5.45 per cent since 2020
Ucore Rare Metals (TSXV:UCU) signed an agreement for an US$18.4 million increase to its existing deal with the US Army Contracting Command-Orlando. The added funding will go towards the construction of an initial production-ready RapidSX machine in Alexandria, Louisiana, deploying the company's rare earth element separation technology at commercial scale, including six of the seven elements listed under China's export licensing restrictions.
The phase-II ramp-up will allow Ucore to build upon its prototype project in Kingston, Ontario, towards the processing of hundreds of tons of heavy and/or light rare earth oxides by the end of 2026. Ucore's transition from demonstration-scale to commercial-scale US rare earth separation.
Once the first machine passes muster, the company intends to add more until reaching a planned 2,000 tons of rare earth oxides per year, followed by the construction of additional production facilities in Alaska and Canada. Leadership insights
'Ucore's business model is founded on 1) collaboration with an array of like-minded upstream and downstream commercial and governmental partners and 2) the implementation of the next logical leap in commercial critical metals separation technology resulting from Western innovation,' Pat Ryan, Ucore's chairman and chief executive officer, said in a statement. 'Ucore is very appreciative to the US Department of Defense (DOD) for the opportunity, and potential future opportunities, which have now resulted in this dedicated expansion project to full-scale processing production.'
'This US DOD Louisiana strategic metals complex funding agreement is a critical step for Ucore's commercial advancements, but more importantly, for the progression of a Western rare earth supply chain and North American critical metals security, which cannot exist without competitive critical metals processing on the world stage,' Ryan added.
Ucore specializes in rare earth element and critical metal resources extraction, beneficiation and separation technologies for the mining industry.
Ucore Rare Metals stock (TSXV:UCU) last traded at C$1.56. The stock has added 122.86 per cent year-over-year but remains down by 5.45 per cent since 2020.
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