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Ucore Rare Metals and Meteoric Resources Sign MOU for Offtake of Caldeira Project MREC in Brazil to USA Oxide Production Project
Halifax, Nova Scotia and Perth, Australia--(Newsfile Corp. - August 20, 2024) - Meteoric Resour...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Ucore Rare Metals and Meteoric Resources Sign MOU for Offtake of Caldeira Project MREC in Brazil to USA Oxide Production ProjectHalifax, Nova Scotia and Perth, Australia--(Newsfile Corp. - August 20, 2024) - Meteoric Resources NL (ASX: MEI) (\"Meteoric\") and Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\") announce the August 2024 execution of a memorandum of understanding (\"MOU\") for the supply of 3,000 metric tonnes (\"MT\") of total rare earth oxide (\"TREO\") from Meteoric's forthcoming Caldeira Rare Earth Ionic Clay Project (\"Caldeira\") in the Minas Gerais State of Brazil to Ucore's developing Alexandria, Louisiana, USA, rare earth oxide (\"REO\") production facility, the Louisiana Strategic Metals Complex (\"SMC\").Meteoric is an Australian public company headquartered in Perth, Western Australia. The TREO identified across its Caldeira Project represents an enriched heavy REO basket with strongly enriched Magnet REOs - terbium, dysprosium, neodymium, and praseodymium. Caldeira has been identified as one of the world's lowest-cost sources of rare earths with outstanding financial metrics (refer ASX release 8 July 2024).Ucore is a Canadian public company headquartered in Halifax, Nova Scotia, with a transformational rare earth separation technology, RapidSX™. Ucore is currently undertaking heavy and light rare earth element (\"REE\") separation at demonstration scale at its RapidSX™ Commercialization and Demonstration Facility (\"CDF\") in Kingston, Ontario. Participants include the US Department of Defense and the Canadian Government as Ucore implements its technology transfer plan from demonstration scale to commercial scale at its prospective Louisiana SMC.Key Provisions of the MOU:During the term of the MOU, the Parties will work toward establishing a binding definitive agreement for the supply of mixed rare earth carbonate (\"MREC\") from Caldeira to the Louisiana SMC.Once the Parties are in production they envision that Ucore will purchase a minimum quantity of 3,000MT of TREO annually from Caldeira.This could represent over 900MT of NdPr, approximately 6MT of Tb and 24MT of Dy.Both Parties will support each other in the pursuit of funding and business development for their respective projects.Ucore's initial production of REO in Louisiana is forecast to start commissioning by Q4-2025 a...