Pat Ryan, Chairman and CEO of Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF), joins me for a comprehensive introduction to the Company’s Rapid SX rare earth separation technology, their demonstration plant in Kingston, Ontario, and their engineering and development plans for their Strategic Metals Complex in Alexandria, Louisiana.
We start off with a more general discussion on the importance of the 17 rare earth elements in many aspects of technology, energy, and defense, noting in particular the importance of the heavy rare earth elements in permanent magnets, electric vehicles, windmills, and defense (like the F-35 fighters and nuclear submarines). This then leads into global marketplace that has been and still is dominated by China for the processing and separation of rare earth, as well as the alloys for manufacturing.
Ucore Rare Metals was seeking out different alternatives and efficiencies to the standard Chinese solvent extraction methodology, and eventually partnered with the Innovation Metals Corp to develop a solvent extraction method that was much faster, with a far smaller physical footprint, using a closed loop computerized column process. Not only was it more friendly to ESG initiatives, but the speed and efficiencies have become attractive to potential off-take partners, and to the US, Canadian, and European governments. Pat expands on different government funds available to help with developing North American domestic supplies of rare earth elements, and that they are in negotiations with a number of permanent magnet, automotive, and energy companies for potential partnerships and non-dilutive financing options. The believe their Strategic Metals Complex in Louisiana, will be the first template for several more plants to be constructed, not just in the US , but also in Canada and Europe.
If you have any questions for Pat regarding Ucore Rare Metals, then please email them in to me at Shad@kereport.com and we’ll get those addressed by the company or cover them in future interviews.
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