Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF), a leading developer of rare earth element (“REE”) processing technology, has released comments regarding the ban by China on the export of technology for the processing of rare earth elements (“REEs”). According to the statement, China announced a ban last week on the export of technology to produce REE permanent magnets and also confirmed its existing ban on technology associated with the separation of REEs. In the announcement, Ucore noted the Asian country’s “virtual monopoly” on the processing of heavy rare earth elements such as dysprosium, observing that Ucore’s current $4 million contract with the US Department of Defense (“DoD”) to demonstrate its RapidSX(TM) rare earth processing technology could not have come at a better time. Currently, Chinadominates the global supply of rare earth components, accounting for an estimated 90% of the world’s rare earth permanent magnets. Ucore noted that REEs are essential to a wide variety of modern technologies, including numerous military applications. Anticipating potential limited supplies of these REEs, the U.S. and Canadian governments have begun efforts to support domestic supply chains of range of these critical materials. As part of those efforts, earlier this year Ucore completed commissioning procedures for its Ontario-based RapidSX Commercial Demonstration Plant, which is designed for the separation of heavy and light REEs, and commenced its participation in a U.S. DoD demonstration program. “Recent events in China are a remarkable development,” said Ucore chair and CEO Pat Ryan in the press release. “Ucore’s focus on the separation and refining of these critical materials is of increasing strategic importance to the burgeoning North American rare earth supply chain. Our recently commenced U.S. DoD Demonstration Program could not come at a more important time.”
To view the full press release, visit https://ibn.fm/tVxAp
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
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