NetworkNewsBreaks — Ucore Rare Metals Inc. (TSX.
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Posted On: 09/21/2023 4:02:01 PM
NetworkNewsBreaks — Ucore Rare Metals Inc. (TSX.V: UCU) (OTCQX: UURAF) Receives ITEP Approval for REE Separation Facility
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.”
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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.”
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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