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Posted On: 01/04/2024 3:35:31 PM
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NetworkNewsBreaks — Ucore Rare Metals Inc. (TSX.V: UCU) (OTCQX: UURAF) Announces Acquisition of Louisiana Facility for Future REE Processing Plant
Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF), a leading developer of rare earth element (“REE”) processing technology, has acquired an 80,800-square-foot brownfield facility in Alexandria, Louisiana. The company plans to use the structure, which is located on a 10-plus acre industrial parcel, for the development of its first commercial rare earth element (“REE”) processing facility. According to the announcement, Ucore has entered into a multidecade lease for the property with the England Economic and Industrial Development District (“EEIDD”). The facility is situated at the England Airpark, which is a former Air Force base dedicated to generating economic development in central Louisiana. Ucore plans to develop the site into the Louisiana Strategic Metals Complex (“LA-SMC”), which will have capacity to process 2,000 tonnes per annum (“tpa”) of total rare earth oxides (“TREO”) by 2025, with that capacity increasing to 7,500 tpa TREO by 2027. “Ucore is very pleased to announce the completion of this acquisition process and is extremely grateful to the city of Alexandria, England Airpark, GAEDA (‘GAEDA’), the governor of Louisiana, Louisiana Central, Louisiana Economic Development, Rapides Parish, Louisiana’s federal delegation and numerous other entities that helped us secure this long-term arrangement in Alexandria,” said Ucore vice president and chief operating officer Mike Schrider, PE, in the press release. “This lease structure allows us time to get to a revenue position and to simultaneously cultivate developing opportunities for planned expansion and prospective joint ventures for the adjacent 50 acres of industrial property as we truly seek to establish a comprehensive and integrated rare earth supply chain in North America.”
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Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF), a leading developer of rare earth element (“REE”) processing technology, has acquired an 80,800-square-foot brownfield facility in Alexandria, Louisiana. The company plans to use the structure, which is located on a 10-plus acre industrial parcel, for the development of its first commercial rare earth element (“REE”) processing facility. According to the announcement, Ucore has entered into a multidecade lease for the property with the England Economic and Industrial Development District (“EEIDD”). The facility is situated at the England Airpark, which is a former Air Force base dedicated to generating economic development in central Louisiana. Ucore plans to develop the site into the Louisiana Strategic Metals Complex (“LA-SMC”), which will have capacity to process 2,000 tonnes per annum (“tpa”) of total rare earth oxides (“TREO”) by 2025, with that capacity increasing to 7,500 tpa TREO by 2027. “Ucore is very pleased to announce the completion of this acquisition process and is extremely grateful to the city of Alexandria, England Airpark, GAEDA (‘GAEDA’), the governor of Louisiana, Louisiana Central, Louisiana Economic Development, Rapides Parish, Louisiana’s federal delegation and numerous other entities that helped us secure this long-term arrangement in Alexandria,” said Ucore vice president and chief operating officer Mike Schrider, PE, in the press release. “This lease structure allows us time to get to a revenue position and to simultaneously cultivate developing opportunities for planned expansion and prospective joint ventures for the adjacent 50 acres of industrial property as we truly seek to establish a comprehensive and integrated rare earth supply chain in North America.”
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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