NetworkNewsBreaks – Ucore Rare Metals Inc. (TSX.
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Posted On: 12/12/2023 3:20:05 PM
NetworkNewsBreaks – Ucore Rare Metals Inc. (TSX.V: UCU) (OTCQX: UURAF) Announces Industrial Tax Exemption Program for LA-SMC Project
Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF) today announced a series of significant updates regarding the ongoing development of its rare earth element (“REE”) processing refinery, the Louisiana Strategic Metals Complex (“LA-SMC”) in Alexandria, Louisiana. According to the announcement, the Governor of Louisiana, Jon Bel Edwards, has executed the contract for exemption of ad valorem taxes for Ucore’s SMC project. The Industrial Tax Exemption Program (“ITEP”) provides the company up to a 10-year exemption (five-year initial term at 80% and five-year renewal term at 80%), which will result in an estimated $8.2 million in projected tax savings for Ucore during the time of the exemption period on the local ad valorem property tax for the LA-SMC facility. “Ucore is extremely grateful to the Governor and his staff at LED for guiding our project through this process,” said Mike Schrider, P.E., Ucore VP and COO. “The support shown by Louisiana and all the local entities that have come together to enable us to pursue this critical project cannot be overstated. Knowing that we have local, regional and state support, coupled with federal support through the U.S. Department of Defense and, most recently, from the Government of Canada – truly provides a North American solution as we focus on keeping manufacturing jobs in the United States and Canada.”
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Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF) today announced a series of significant updates regarding the ongoing development of its rare earth element (“REE”) processing refinery, the Louisiana Strategic Metals Complex (“LA-SMC”) in Alexandria, Louisiana. According to the announcement, the Governor of Louisiana, Jon Bel Edwards, has executed the contract for exemption of ad valorem taxes for Ucore’s SMC project. The Industrial Tax Exemption Program (“ITEP”) provides the company up to a 10-year exemption (five-year initial term at 80% and five-year renewal term at 80%), which will result in an estimated $8.2 million in projected tax savings for Ucore during the time of the exemption period on the local ad valorem property tax for the LA-SMC facility. “Ucore is extremely grateful to the Governor and his staff at LED for guiding our project through this process,” said Mike Schrider, P.E., Ucore VP and COO. “The support shown by Louisiana and all the local entities that have come together to enable us to pursue this critical project cannot be overstated. Knowing that we have local, regional and state support, coupled with federal support through the U.S. Department of Defense and, most recently, from the Government of Canada – truly provides a North American solution as we focus on keeping manufacturing jobs in the United States and Canada.”
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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