Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF), a company focused on rare- and critical-metal resources, extraction, beneficiation and separation technologies with the potential for production, growth and scalability, has completed the local approval process of the Industrial Tax Exemption Program (“ITEP”) for its planned 80,800 square-foot brownfield facility located Alexandria, Louisiana. The company will use the location as its Louisiana Strategic Metals Complex (“LA-SMC”) rare earth element (“REE”) separation and oxide production facility. The company has obtained approvals from the Louisiana Board of Commerce and Industry as well as the Rapides Parish’s police jury, school board and sheriff’s office. According to the announcement, the company’s commitment to creating 100 family-wage paying jobs along with its planned capital investment of $75 million and a statewide baseline of employees from which new jobs at the facility will be counted were key factors in obtaining the exemption. Ucore plans production ramp-up from 2,000 tonnes per annum (ex-cerium and ex-yttrium) of total rare earth oxide in first quarter 2025 to 5,000 in 2026 and reaching 7,500 by 2027.
“Ucore is extremely grateful to Louisiana Economic Development, the C&I board, the Rapides Parish’s police jury, school board and sheriff’s office for their support in granting the ITEP approvals to date required to advance our LA-SMC project in Alexandria, Louisiana,” said Ucore vice president and COO Mike Schrider in the press release. “The overall state and local support we are receiving for the establishment of one of the first modern rare earth element processing facilities in North America has been an amazing experience, and we are diligently working to execute a Louisiana project that has the potential to significantly enhance the manufacturing landscape across North America as the world shifts to electrification.”
To view the full press release, visit https://ibn.fm/4iCUa
About Ucore Rare Metals Inc.
Ucore is focused on rare- and critical-metal resources, extraction, beneficiation and separation technologies with the potential for production, growth and scalability. Ucore’s vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry. Through strategic partnerships, this plan includes disrupting the People’s Republic of China’s control of the North American REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the United States, the state of Louisiana, subsequent Strategic Metal Complexes in Canada and Alaska and the longer-term development of Ucore’s 100% controlled Bokan-Dotson Ridge Rare Heavy REE Project on Prince of Wales Island in southeast Alaska. To learn more about the company, visit www.Ucore.com
NOTE TO INVESTORS: The latest news and updates relating to UURAF are available in the company’s newsroom at https://ibn.fm/UURAF
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