- Pat Ryan, chairman and interim CEO of Ucore Rare Metals (UCU), provided a strategic update to shareholders regarding the company’s three-year business model
- Mr. Ryan’s vision for Ucore’s future involves working toward an independent North American REE supply chain by investing in technology, securing long-term supply agreements, and developing long-term resource security
- The company has completed six months of its three-year business plan to date
- Ucore is focused on rare and critical earth resource development and commercialization
- Ucore Rare Metals Inc. (UCU) is up 16.07 per cent on the day, trading at $1.30 per share
Pat Ryan, chairman and interim CEO of Ucore Rare Metals (UCU), provided a strategic update on the company’s three-year business model.
Mr. Ryan’s vision for Ucore’s future as a rare earth element (REE) developer, involves working toward an independent North American REE supply chain by investing in technology, securing long-term supply agreements, and developing long-term resource security.
“It is important to point out what China has done over the past ten years. Chinese state-owned entities have gone around the world buying positions in existing and potential future mines that ensure the flow of critical metals into their country.”
“With this realization,” he continued, “the most vital aspect of any complete domestic supply chain or the ‘solution’ to this stranglehold by China, is the ability to separate REEs into the rare earth oxides (REOs) that are required by the REE magnet industry – economically, environmentally soundly and at commercial scale.”
The company plans to take the following steps over the next two and a half years of its three-year business model:
- Continuing to “optimize, quantify, and demonstrate the effectiveness” of Ucore’s RapidSX separation technology developed by the company’s subsidiary Innovation Metals;
- Capitalizing on business opportunities in Alaska, including the completion of the Alaska SMC REO production facility by 2023; and
- Developing the company’s Boken Project “to provide a secure domestic source of heavy REEs.”
“We are confident of the value, advantages and timelines associated with our three-year business plan,” remarked Mr. Ryan.
He concluded,
“Our energy, our passion and our capabilities have never been stronger – and I want all of our partners, stakeholders, and loyal shareholders to feel as excited and engaged about the development of this North American REE supply chain as we are at Ucore.”
Ucore is focused on rare and critical earth resource development and commercialization.