Ucore, SOMA to collaborate on rare earth supply chain
TSX-V-listed Ucore Rare Metals has announced 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, signed on June 10, the companies will collaborate on sourcing rare earth feedstock for Ucore’s 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 at its Louisiana 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, Ucore says in a statement.
Also, the companies intend to formally cooperate as project partners in Ucore’s previously announced Global Partnership Initiative with the Canadian government.
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 Canadian government, the company points out.
SCOA has longstanding experience in the global rare earths industry, including sourcing, trading and supply chain development, it highlights.
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 earths value chain, subject to mutually agreed commercial terms and existing business arrangements.
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