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RETRANSMISSION: The US State of Louisiana Offers C$15M+ Incentive Package for Ucore's First RapidSX Rare Earth Processing Facility - the Louisiana SMC
The proposed incentive package from Louisiana includes US$9.6M in tax incentives and payroll...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"RETRANSMISSION: The US State of Louisiana Offers C$15M+ Incentive Package for Ucore's First RapidSX Rare Earth Processing Facility - the Louisiana SMCThe proposed incentive package from Louisiana includes US$9.6M in tax incentives and payroll rebates over the first ten years of operation. Upon specific site selection:potential additional state and local economic and workforce incentives an expedited process for all required state permitsUcore's Board of Directors has unanimously agreed to commit the Company toward establishing its first Strategic Metals Complex (SMC) in LouisianaRare earth oxide products from the Louisiana SMC will be critical to North America's and Louisiana's goal to expand toward green energy technologiesHalifax, Nova Scotia--(Newsfile Corp. - October 18, 2022) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to announce a mutual commitment with the US State of Louisiana (\"Louisiana\" or the \"State\") toward the establishment of the Company's first Strategic Metals Complex (\"SMC\") rare earth element (\"REE\") separation facility - the Louisiana SMC.The Company's executive team has been in discussions with the State since the spring of 2022 and spent the better part of summer in a due-diligence process. This included an August trip to examine ten existing \"brownfield facilities\" throughout the State. Each of these facilities provides a head start as the prospective location of the Louisiana SMC versus a new construction or \"greenfield facility.\" Critical markers for success, such as streamlined inbound and outbound freight, ample supply and proximity of chemicals and reagents, attractive energy costs, the robustness of labor pools, room for ramp-up and production expansion and community support, including technical education infrastructure were all part of the size-up. Over the next few months, Ucore will select the specific facility that provides the Company with the best opportunity to execute its objective of commencing 2,000 tonnes per year of individual rare earth oxide (\"REO\") production by H2-2024 and 5,000+ tonnes per year from 2026 onward. After much discussion and visiting the State, the Company received a non-binding Letter of Intent (\"LOI\") from Louisiana Economic Development (\"LED\") dated October 14, 2022, detailing an initial 10-year US$9...