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.”
To view the full press release, visit https://ibn.fm/NYZN0
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 establishment of a heavy and light rare-earth processing facility in 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
InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.
For more information, please visit https://www.InvestorWire.com
InvestorWire is powered by IBN