Welcome!

News Feed Item

Ucore Comments on Escalating HREE Supply Concerns in US Capitol

HALIFAX, NOVA SCOTIA -- (Marketwired) -- 01/13/14 -- Ucore Rare Metals Inc (TSX VENTURE:UCU)(OTCQX:UURAF) ("Ucore" or "the Company") is pleased to comment on multiple recent initiatives in Washington to address the increasing lack of availability of rare earth products and magnet-making materials for domestic military and defense applications.

Concerns regarding the withdrawal of ongoing supplies of Critical Rare Earth Oxides (CREO's) produced almost exclusively in China and consumed by US military contractors, has attracted a number of current legislative initiatives.

The National Defense Authorization Act is currently on the Senate Legislative Calendar for FY 2014. The Act proposes to authorize the National Defense Stockpile Manager to acquire several materials determined to be "strategic and critical materials required to meet the defense, industrial and essential civilian needs of the United States." Dysprosium and yttrium, metals included in the production plan at Ucore's Bokan facility in South East Alaska, are among the materials to be acquired under the new Act, using up to US$41 million of the National Stockpile Transaction Fund.

In January 2014, it was disclosed that the Pentagon had temporarily waived laws banning the use of Chinese-built components in U.S. weaponry in 2012 and 2013. The waiver, which has attracted significant media attention, was for the purpose of keeping the US$392 Billion F-35 Fighter Program on schedule. Specifically, Chinese built magnets were used during the last 24 months in violation of the import restrictions, in order to avoid further delays with the delivery of the jets. An investigation has now been ordered into three instances involving the use of prohibited Chinese components in the F-35 program. The investigation, authorized by US lawmakers, is being undertaken by the Government Accountability Office (GAO), and is expected to be completed by March 1, 2014.

The Critical Minerals Policy Act, submitted by Senators Lisa Murkowski (R - AK), Ron Wyden (D - Ore), Mark Udall (D - Col.), Dean Heller (R - Nev.) and 13 others, was introduced in late 2013. The Act intends to prevent further supply shocks of critical materials and reduce US dependence on foreign sources through the revitalization of a domestic supply chain, including domestic production from near term facilities such as the Bokan facility in Alaska. The bipartisan bill outlines mineral-specific actions for several elements, including yttrium and scandium, materials scheduled to commence production at the Bokan project by as early as 2017.

The FY 2014 Senate Interior Appropriations Bill is in Continuing Resolution status until January 15, 2014. Senator Murkowski has now added language to the Bill re-iterating the US Forest Service's obligation to provide reasonable access for mining within the Tongass National Forest, of direct benefit to the Bokan project, which houses material quantities CREO's important to defense systems, such as dysprosium and yttrium.

"We're pleased with the ongoing support that the Bokan project continues to receive by federal lawmakers," stated Jim McKenzie, President & CEO of Ucore. "All indicators are that the Bokan facility will be the first and only domestic producer of dysprosium on US soil when on-site production commences, thereby alleviating an issue under increasing attention in Washington."

In October 2012, Ucore announced that the United States Department of Defense (DOD) had contracted with the Company to conduct a mineralogical and metallurgical study at Bokan. The program, managed under the Defense Logistics Agency (DLA) has focused on the prospective development of Bokan, America's highest grade heavy rare earth resource disclosed under NI 43-101 regulations, to meet the requirements of the Department of Defense for an ongoing supply of critical heavy REE's. Under the agreement, Ucore has provided DOD with the most up-to-date data on the Bokan project's mineralogy and proprietary Solid Phase Extraction (SPE) nanotechnology research.

Bokan Mountain is the richest domestic source of three heavy rare earth elements -dysprosium, terbium, and yttrium - which are critical to several advanced weapon systems, such as stealth helicopters and precision-guided weapons. Both dysprosium and yttrium are critical to multiple US defense systems. Dysprosium is a crucial ingredient in neodymium-iron-boron magnets as a means of increasing coercivity, applications of which include aircraft actuator motors in flight control systems, landing gear, and munitions. Yttrium is critical to the defence industry applications such as the manufacture of various ceramic and glass materials required in jet engines. The Joint Strike Fighter (JSF) development program relies on both Dy and Y as critical input components.

Currently, all of the world's commercially-available heavy rare earth elements are produced in China. Ongoing production and export quotas have limited the availability of these materials to global markets. According to a March 2012 report from DOD, yttrium, terbium, and dysprosium are all considered to be "critical to the production, sustainment, or operation of significant United States military equipment," as well as "subject to interruption of supply, based on actions or events outside the control of the government of the United States." Yttrium, in particular, was shown to be in deficit when considering projected future domestic supply.

Cautionary Notes

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

About Ucore Rare Metals Inc.

Ucore Rare Metals Inc. is a development-phase mining company focused on establishing rare metal resources with near term production potential. With multiple projects across North America, Ucore's primary focus is the 100% owned Bokan - Dotson Ridge REE property in Alaska. The Bokan - Dotson Ridge REE project is located 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince Rupert, British Columbia and has direct ocean access to the western seaboard and the Pacific Rim, a significant advantage in developing near term production facilities and limiting the capital costs associated with mine construction.

The Bokan property is particularly enriched with heavy rare earth elements, including the critical elements dysprosium, terbium and yttrium. Approximately 40% (by weight) of the rare earth elements contained on the Dotson Ridge property are heavy rare earth elements, as disclosed in the Company's NI43-101 resource estimate technical report, filed on April 21st, 2011. The resource was completed by R. J. Robinson, a consultant from Aurora Geosciences.

Contacts:
Ucore Rare Metals Inc.
Mr. Jim McKenzie
President and Chief Executive Officer
(902) 482-5214
www.ucore.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"We do one of the best file systems in the world. We learned how to deal with Big Data many years ago and we implemented this knowledge into our software," explained Jakub Ratajczak, Business Development Manager at MooseFS, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
All zSystem customers have a significant new business opportunity to extend their reach to new customers and markets with new applications and services, and to improve the experience of existing customers. This can be achieved by exposing existing z assets (which have been developed over time) as APIs for accessing Systems of Record, while leveraging mobile and cloud capabilities with new Systems of Engagement applications. In this session, we will explore business drivers with new Node.js apps ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...
For years the world's most security-focused and distributed organizations - banks, military/defense agencies, global enterprises - have sought to adopt cloud technologies that can reduce costs, future-proof against data growth, and improve user productivity. The challenges of cloud transformation for these kinds of secure organizations have centered around data security, migration from legacy systems, and performance. In our presentation, we will discuss the notion that cloud computing, properl...
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Digital Transformation is well underway with many applications already on the cloud utilizing agile and devops methodologies. Unfortunately, application security has been an afterthought and data breaches have become a daily occurrence. Security is not one individual or one's team responsibility. Raphael Reich will introduce you to DevSecOps concepts and outline how to seamlessly interweave security principles across your software development lifecycle and application lifecycle management. With ...
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Your job is mostly boring. Many of the IT operations tasks you perform on a day-to-day basis are repetitive and dull. Utilizing automation can improve your work life, automating away the drudgery and embracing the passion for technology that got you started in the first place. In this presentation, I'll talk about what automation is, and how to approach implementing it in the context of IT Operations. Ned will discuss keys to success in the long term and include practical real-world examples. Ge...