- Ucore (UCU) and thyssenkrupp have executed a feedstock supply memorandum of understanding (MOU) for the Alaska Strategic Metals Complex (SMC)
- The MOU sees thyssenkrupp supplying a minimum of 1,000 tons per annum (tpa) of mixed rare earth carbonate to Ucore’s Alaska SMC in 2024, with increases in subsequent years
- The Alaska SMC will initially produce up to 2,000 tpa of individual rare earth oxides, expandable to over 5,000 tpa by 2026
- Ucore Rare Metals is focused on rare and critical metals resources, extraction, beneficiation and separation technologies
- Ucore (UCU) is up by 1.28 per cent trading at $0.79 per share
Ucore (UCU) and thyssenkrupp have executed a feedstock supply MOU for the Alaska SMC.
The MOU sees thyssenkrupp supplying a minimum of 1,000 tpa of mixed rare earth carbonate for processing at Ucore’s Alaska SMC in 2024, with quantities increasing in subsequent years.
Ucore is developing the Alaska SMC as its first planned SMC in North America and the initial component of the Bokan-Dotson Ridge Rare Earth Element Project.
The Alaska SMC will initially produce up to 2,000 tpa of individual rare earth oxides, expandable to over 5,000 tpa by 2026.
The parties have agreed to work toward a 10-year binding contract.
Ucore Chairman and CEO Pat Ryan commented on the partnership.
“The execution of this MOU, effective January 20, 2022, ensures that Ucore will have diverse sources of feedstock for the Alaska SMC, increasing our security of supply. Additionally, it allows the Parties to consider various forms of a contractual supply and marketing relationship as Ucore continues to develop and secure aspects of its envisioned REE supply chain, and as thyssenkrupp further strengthens its position as a worldwide critical materials acquisition leader.”
thyssenkrupp Materials Services is the biggest mill-independent materials distributor and service provider in the Western world.
Ucore Rare Metals is focused on rare and critical metals resources, extraction, beneficiation and separation technologies.
Ucore (UCU) is up by 1.28 per cent trading at $0.79 per share as of 2:30 pm ET.