Ucore Rare Metals (TSXV:UCU; OTCQX:UURAF) has been granted $4.3 million non-repayable funds for Ucore’s Rapid SX rare earth element (REE) separation technology capabilities by the Canadian government. The plant is located in Kingston, Ont., and has a total budget of $8.3 million.
The funds will be used to commercialize Ucore’s RapidSX technology specifically for light REEs. High-purity samples of praseodymium, neodymium, and praseodymium-neodymium compound will be made. The company expects to process between 13 and 15 tonnes of mixed rare earth carbonates and oxides from sources in Canada and the United States.
“We would like to thank the government of Canada for this important funding,” stated Pat Ryan, Ucore chair and CEO. “China’s recent announcements of increased scrutiny over the export of rare earth elements have raised concerns regarding the ongoing availability of these critical materials. The development of an alternative North American rare earth supply chain is more important than ever as the world moves toward the electrification of its vehicle fleet and other green initiatives.”
The project is to be completed by March 31, 2025.
Ucore plans to break the Chinese stranglehold on the REE supply chain going to North America. The company’s plans include near-term development of the commercial heavy and light rare earth processing facility in Louisiana, subsequent strategic metal complexes in Canada and Alaska, and the longer-term development of Ucore’s 100% controlled Bokan-Dotson Ridge heavy REE Project on Prince of Wales Island in Alaska.
For further information, please visit www.Ucore.com/corporateupdate.