Ucore Rare Metals Inc. (TSX.V: UCU) (OTCQX: UURAF) has been awarded an additional $18.4 million in funding from the Department of Defense, marking a significant milestone in the company's efforts to establish domestic production of rare earth oxides by 2026. This funding underscores the strategic importance of rare earth elements in national security and the broader technology sector, highlighting the U.S. government's commitment to reducing dependence on foreign sources, particularly China.
The funding will support Ucore's RapidSX technology, a cutting-edge process for the separation of rare earth elements, which are vital for the manufacturing of high-tech devices, military equipment, and renewable energy technologies. Ucore's chair and CEO, Pat Ryan, expressed gratitude for the continued support from the Department of Defense, emphasizing the company's alignment with the administration's goals to secure a domestic supply chain for critical materials.
Ucore's initiative is part of a larger strategy to disrupt China's dominance in the rare earth element supply chain. The company plans to develop a heavy and light rare-earth processing facility in Louisiana, with additional complexes in Canada and Alaska, and the long-term development of the Bokan-Dotson Ridge Rare Heavy REE Project in Alaska. These efforts are poised to significantly impact the global rare earth market, offering an alternative source for these critical materials.
For more information on Ucore Rare Metals Inc. and its projects, visit https://www.Ucore.com. Updates related to UURAF can be found in the company's newsroom at https://ibn.fm/UURAF.
