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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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 development of a heavy and light rare-earth processing facility in the U.S. state of 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, USA. Ucore is listed on the TSXV under the trading symbol UCU and in the United States on the OTC Markets’ OTCQX(R) Best Market under the ticker symbol UURAF. For more information, visit the company’s website at www.Ucore.com.
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