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“The US Congress is fully aware of the precarious situation for REE”
The US government, led by crusading senator Joe Manchin, has committed to funding rare earth elements projects.
The Senate Armed Services Committee has put up US$40 million to support US REE explorers and developers and Ucore Rare Metals (CN:UCU) couldn’t be happier.
Chief executive Jim McKenzie said it was an opportunity for Ucore’s processing business as well its Alaska project.
“The US government continues to showcase an increased awareness of the need to flex its market power to support domestic production of rare earth elements and other critical materials,” he said.
“Combined with the previous Department of Energy REE project, championed by senators Joe Manchin and Lisa Murkowski, as well as the METALS Act and subsequent NDAA amendment introduced by representative Duncan Hunter, it’s clear that the US Congress is fully aware of the precarious situation for REE and other strategic and critical materials now faced by the US Department of Defense.”
The senate report said the defence department should "enter into commitments to purchase strategic and critical materials … from domestic producers the department believes are likely to initiate commercial production of such materials within the next five years", using agencies already set up to throw that money about.
REE mining might be a stretch for Ucore within the next five years.
Its recent efforts have focused on the REE separation technology
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