- Ucore (UCU) and Alaska’s Southeast Conference have executed an MOA for the establishment of a Natural Resource Development Complex
- The complex will include land and a building suitable to house Ucore’s rare earth element separation and purification plant
- Southeast Conference is the State of Alaska’s regional economic development organization
- Construction is to be completed by the end of 2023
- Ucore is focused on rare and critical metals resources, extraction, beneficiation, and separation technologies
- Ucore Rare Metals Inc. (UCU) is up 1.19 per cent, trading at C$0.85 per share at 10:00 am ET
Ucore (UCU) and Alaska’s Southeast Conference have executed an MOA for the establishment of a Natural Resource Development Complex.
The complex will include land and a building suitable to house Ucore’s rare earth element separation and purification plant for the production of REE oxides. The site selection for the facility shall be based on the goal of expanding the Natural Resource Development Complex with other related and non-related Southeast Alaska economic development opportunities.
Southeast Conference is the State of Alaska’s regional economic development organization for Southeast Alaska, and it has the authority to access federal grant funding for economic development activities.
The parties envision a joint venture opportunity to acquire and develop the facility with a combination of Southeast Conference grant funding and Ucore funding and operation of the facility.
Ucore Vice President and COO, Mike Schrider, P.E., commented on the opportunity.
“The establishment of the MOA between Ucore and Southeast Conference is an important moment in the development of the Alaska SMC and represents just one of many envisioned partnerships as Ucore advances the establishment of a robust and independent rare earth supply chain for the United States and its allies – with an Alaskan-centric focus.”
Southeast Conference Executive Director, Robert Venables added,
“The Southeast Conference has a long history of partnering and stimulating economic development in Southeast Alaska. This collaboration with Ucore as the anchor tenant for the Natural Resource Development Complex will stimulate complementary growth in the mineral sector and attract other types of resource extraction entities that will benefit from the direct and indirect business and physical infrastructure improvements created by the development of the Alaska SMC.”
Ucore’s development plan for the Alaska SMC calls for substantial completion of construction by the end of 2023, followed by commissioning, product qualification testing with US-allied feedstock, and production of individual REOs in the first half of 2024.
Ucore is focused on rare and critical metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability.
Ucore Rare Metals Inc. (UCU) is up 1.19 per cent, trading at C$0.85 per share at 10:00 am ET.