Business
Ucore and Vital Metals Execute Feedstock Supply MOU for the Alaska SMC
Highlights Ucore is developing the Alaska SMC for the processing of rare earth elements i...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Ucore and Vital Metals Execute Feedstock Supply MOU for the Alaska SMCHighlightsUcore is developing the Alaska SMC for the processing of rare earth elements in Southeast AlaskaVital Metals is producing rare earth concentrate from its Nechalacho rare earth project in NWT, CanadaVital Metals is constructing a Rare Earth Extraction Plant to produce a mixed rare earth chemical concentrate in Saskatoon, Saskatchewan from the Nechalacho depositThe Alaska SMC is planned to commence production of up to 2000 tonnes per annum (tpa) of individual rare earth oxides from US-allied feedstock by H1-2024Vital Metals is expected to commence the supply of a minimum of 500 tpa of a cerium depleted concentrate to Ucore in 2024; expandable to over 2,500 tpa by 2026Halifax, Nova Scotia--(Newsfile Corp. - October 19, 2021) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to announce the execution of a Memorandum Of Understanding (\"MOU\") setting forth certain nonbinding understandings and binding agreements between Ucore and Vital Metals Limited (ASX: VML) (\"Vital Metals\" or \"Vital\") (collectively the \"Parties\"). The MOU is the first step towards the establishment of a long-term supply agreement for the delivery of mixed rare earth chemical concentrate (\"MREC\") from Vital Metals' Nechalacho project to Ucore's planned Alaska Strategic Metals Complex (\"Alasks SMC\") in Ketchikan, Alaska. The MREC will be shipped from Vital's Saskatoon, Saskatchewan, Rare Earth Extraction Plant which is expected to enter into production in 2022.Vital Metals is Canada's first - and North America's second - rare earths producer, with production underway at their Nechalacho mine in the Northwest Territories, Canada. Vital aims to produce a minimum 5,000 tonnes of contained rare earth oxides (\"REO\") at Nechalacho by 2025. Mining at Nechalacho's North T Zone is underway as part of Vital Metals' Stage 1 production strategy. They are now crushing and sorting ore before it is sent to their Saskatoon cracking and leaching facility (the Rare Earth Extraction Plant) later in 2021. Vital has commenced drilling to define a mine plan for Stage 2 at Nechalacho as it works to develop a larger scale, longer life rare earths project. Vital aims to become the lowest cost producer of mixed rare earth oxide outside of China by developi...