- Ucore just announced the selection of an 80,800 square-foot brownfield facility located in England Airpark in Alexandria, Louisiana, that will serve as the company’s LSMC REE separation and oxide production facility
- The company is confident that the establishment will expand its maximum production rate from the current 5,000 TPA to 7,500 TPA in TREO throughout by 2027
- The facility is expected to create 298 indirect jobs, for a total of 398 new jobs in Central Louisiana. It is also set to bring the total potential value of state grants, tax incentives, 1payroll rebates, and other benefits to US$15 million
Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF), a critical metals (“CM”) separation technology company, at the beginning of the year, set out to ensure that China’s dominance in the Rare Earth Elements (“REE”) production and processing does not leave vulnerable those North American companies reliant on these elements. To address that, the company started exploring means of REE processing used in China and trying to find better ways to do that in North America, ultimately taking back control of the supply chain (https://ibn.fm/6ujYb).
In what marks a significant milestone for Ucore, the company just announced the selection of an 80,800 square-foot brownfield facility in England Airpark in Alexandria, Louisiana. This will be the location for Ucore’s planned Louisiana Strategic Metals Complex (“LSMC”) REE separation and oxide production facility. The company is also confident that this establishment will expand its maximum production rate from the current 5,000 tonnes per annum (“TPA”) to 7,500 TPA of total rare earth oxide (“TREO”) throughput, made possible by the state of Louisiana, along with its Federal elected officials (https://ibn.fm/9g9yF).
Ucore also received and accepted an amended non-binding Letter of Intent (“LOI”) from the Louisiana Economic Development (“LED”). The LOI added a potential US$0.9 million grant for infrastructure costs in consideration of Ucore’s updated 7,500 TPA facility with a projected US$75 million capital expenditure investment (“CAPEX”).
“This is the latest of a series of developments in Louisiana related to the cutting edge of the energy industry,” noted Senator Bill Cassidy, M.D.
“This project creates jobs, but it will attract other projects which create more jobs. The future is bright for Louisiana,” he added.
The Louisiana facility is expected to result in 298 new indirect jobs, for a total of 398 new jobs in Central Louisiana. In addition, it is set to bring the total potential value of state grants, tax incentives, payroll rebates, and customized employment recruitment and training to US$15 million. This will be achieved while ultimately “reinforcing Louisiana’s importance to the global supply chain” even as Ucore looks to diversify further and expand its economy.
“Ucore has executed a very focused plan to establish its first rare earth processing plant within an existing brownfield facility,” noted Pat Ryan, P.Eng. Ucore Chairman and CEO.
“This plan accelerated once Ucore narrowed its US Gulf Coast search to Louisiana and worked through many excellent potential sites throughout the state,” he added.
Ucore is also currently working toward pre-payment and supply offtake agreements, other potential debt, and grant/or incentive programs with the United States and Canadian governments and other entities, even as it executes its commercial demonstration and deployment of its RAPIDSX(TM) REE separation technology platform. Should everything go as planned, LSMC production trials will be completed in Q4 2024, with planned production throughput of 2,000 TPA TREO by the beginning of 2025, 5,000 TPA by 2026, and 7,500 TPA by 2027.
For more information, visit the company’s website at 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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