Ucore Meets with Senior Trump Administration Officials Regarding US Dependence on Chinese Rare Earths

7/3/2018, 4:18 PM (Source: GlobeNewswire)

HALIFAX, Nova Scotia, July 03, 2018 (GLOBE NEWSWIRE) -- Ucore Rare Metals, Inc. (TSXV:UCU) (OTCQX:UURAF) (“Ucore” or the “Company”) is pleased to comment on recent activity in Washington, DC related to efforts to end dependence on Chinese-sourced critical rare earths and ensuring future domestic production.

During the week of June 25th, 2018, senior Ucore representatives met with senior Trump Administration and Congressional officials in Washington, D.C. to discuss American dependence on the Chinese supply of critical materials, and Ucore’s plans for a domestic Strategic Metals Complex (SMC) in Southeast Alaska. Discussions also included the viability of development of domestic REE supplies in the Appalachian Coal District.

“Near complete dependence on potentially unreliable foreign sources of rare earth materials remains a major national security vulnerability and one the Trump Administration is publicly committed to ending,” said Jim McKenzie, President and CEO of Ucore. “This vulnerability is also recognized in the U.S. Congress by the House of Representatives in its version of the 2019 National Defense Authorization Act (NDAA). As an example, Section 873 of the House NDAA prohibits the acquisition of sensitive materials, such as samarium-cobalt and neodymium-iron-boron magnets from non-allied foreign nations. If enacted into law, this requirement for a secure supply of rare earth magnets creates synergy with the forthcoming SMC construction by increasing demand for non-Chinese rare earth products.”

“Ucore eagerly anticipates release of a White House report mandated by Executive Order to study the defense industrial base and its reliance on foreign suppliers,” continued McKenzie. “We applaud recent statements made by Undersecretary of Defense for Acquisition and Sustainment, Ellen Lord, expressing significant concern regarding U.S. sole-source dependence on China for rare earth products. As an industry leader in heavy REE supply and separation, Ucore stands at the ready to help end this dependency.”

Ucore is encouraged by the work now being done in Washington to end this foreign-source dependency, including Section 873. The Company welcomes ongoing discussions with the Trump Administration and Congress regarding its domestic Strategic Metals Complex, on track for active production in Alaska in 2020.

About Ucore

Ucore Rare Metals is a development-phase company focused on rare metals resources, extraction and beneficiation technologies with near term potential for production, growth and scalability. On March 3, 2015, Ucore announced the development of a joint venture with IBC for the deployment of Molecular Recognition Technology for REE and multi-metallic tailings processing applications in North America and associated world markets.

For further information, please contact Mr. Jim McKenzie, President and Chief Executive Officer of Ucore Rare Metals Inc. at: +1 (902) 482-5214 or visit http://www.ucore.com

Cautionary Notes

This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities, research and development timelines, and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes or setbacks, research and develop successes or setbacks, continued availability of financing, and general economic, market or business conditions.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined by the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Primary Logo

Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.