Click here to close now.


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.

Ucore Rare Metals Inc.
Mr. Jim McKenzie
President and Chief Executive Officer
(902) 482-5214

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 all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...