Ucore Rare Metals Inc. (TSXV: UCU | OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to announce a strategic cooperation framework with Sumitomo Corporation of Americas (“SCOA”) to support the development of a diversified rare earth supply chain across North America and allied markets.
Under the Agreement, the companies will collaborate on sourcing rare earth feedstock for its Louisiana Strategic Metals Complex (SMC) and downstream offtake development for separated rare earth products. The focus is on selected middle and heavy rare earth elements critical to high-performance magnets and advanced materials applications primarily in Japan while preserving feedstock for additional processing for North American and allied markets.
The collaboration is intended to combine Ucore’s developing RapidSX™ technology platform rare earth separation capabilities at its Louisiana SMC rare earth refinery with SCOA’s global sourcing, logistics, and market access capabilities, including in Japan, as the parties work to support more diversified rare earth supply chains. Furthermore, the companies intend to formally cooperate as project partners in Ucore’s previously announced Global Partnership Initiative with the Government of Canada.
Ucore is advancing its rare earth processing platform in North America, including the development of its planned SMC in Louisiana and continued commercial demonstration with the Government of Canada. SCOA has longstanding experience in the global rare earth industry, including sourcing, trading, and supply chain development.
As part of the framework, SCOA will serve as Ucore’s distribution partner for designated separated rare earth products sold to selected customer segments in Japan and other mutually agreed industrial applications.
The companies will work together to explore opportunities for cooperation across the rare earth value chain, subject to mutually agreed commercial terms and existing business arrangements.