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Ucore Completes Local Louisiana Tax Exemption Approval Process for 7,500-tonne Rare Earth Separation Plant
Ucore announces: Industrial Tax Exemption Program ("ITEP") approval from the Louisiana Board...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Ucore Completes Local Louisiana Tax Exemption Approval Process for 7,500-tonne Rare Earth Separation PlantUcore announces: Industrial Tax Exemption Program (\"ITEP\") approval from the Louisiana Board of Commerce and Industry and the required local approvals from the Rapides Parish's Police Jury, School Board, and Sheriff's Office For its development of an 80,800 square-foot brownfield facility as the location of its first North American commercial rare earth element (\"REE\") RapidSX™ processing facility in Alexandria, LouisianaUltimately creating approximately 100 family-wage paying jobs through an estimated facility investment of over US$75 millionPlanned production ramp-up from 2,000 (in Q1-2025) to 5,000 (in 2026) to 7,500 (in 2027) tonnes per annum (ex-cerium and ex-yttrium) of total rare earth oxide throughputThe US$8.2 million ITEP incentive is part of the broader US$15 million incentive package offered by Louisiana Economic Development (\"LED\")Halifax, Nova Scotia--(Newsfile Corp. - September 21, 2023) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to announce the completion of the local approval process of the Industrial Tax Exemption Program (\"ITEP\") associated with its selection of an 80,800 square-foot brownfield facility (see Fig. 1) within the England Airpark in Alexandria, Louisiana (\"LA\" or the \"State\"), as the location for its developing Louisiana Strategic Metals Complex (\"LA-SMC\") rare earth element (\"REE\") separation and oxide production facility. The US$8.2 million ITEP incentive is part of the broader US$15 million incentive package offered by Louisiana Economic Development and previously announced by Ucore on April 6, 2023.The Industrial Tax Exemption Program is administered by and subject to the contract between the Company and the Louisiana Board of Commerce and Industry (\"C&I Board\") and requires additional approvals from the Rapides Parish's Police Jury, School Board, and Sheriff's Office. These approvals were obtained within 60 days after the C&I Board voted to approve the project on July 14, 2023. The ITEP offers up to a 10-year exemption to the Company (five-year initial term at 80 percent and five-year renewal term at 80 percent), which may result in $8.2 million in projected tax savings for the Company during the time of t...