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Report Projects 2016 Startup for Bokan Rare Earths Mine

Details: Category: Rare Earth News; Published on Friday, 25 January 2013 11:32; Hits: 2588

With the publication of a highly optimistic financial assessment, the developers of the rare earth elements mine at Bokan Mountain on Prince of Wales Island have outlined a permitting and construction schedule leading to production start-up and 170 year-round jobs by 2016.

Support jobs could triple that total, according to Ken Collison, a long-time mine builder and chief operating officer of Ucore Rare Metals Inc.

“We’re in the birthing stages of a new American industry and we think that Alaska can be the headquarters,” said Ucore President and CEO Jim MacDonald.

Based in Halifax, Nova Scotia, Ucore issued the Preliminary Economic Assessment, or PEA, for the Bokan Mountain project, located 37 miles southwest of Ketchikan, on Jan. 15.

The PEA indicated an 11-year mine life based on proven resources with a net present value of $586.4 million at a 10 percent discount rate, pre-tax; an internal rate of return of 43 percent; a payback period of 2.3 years and a capital cost of $224.6 million, including a complete on-site rare earth oxide separation plant, and a contingency provision of $25.4 million.

MacDonald acknowledged that the internal rate of return is “exceptionally high,” but said it was a mark of confidence in the PEA and the project mineral content.

“I think it’s indicative of the fact that the project is very robust,” MacDonald said.

Collison said on Dec. 12 that proven reserves are, “less than one-tenth of what we’re capable of.”

Much as China captured the rare earth elements, or REE, industry by offering the raw material and manufacturing, MacDonald suggested Alaska could recover a U.S. share.

“There’s no reason to think that as the industry developed in Alaska they couldn’t, potentially, attract manufacturing that requires rare earth elements in the chain. There’s a chance here for the state of Alaska to capture an entire industry,” MacDonald said.

Ucore is raising project financing through what amounts to futures sales, but is also working with the Alaska Industrial Development and Export Authority on a request for state support through infrastructure construction and possibly other avenues.

Formally known as a National Instrument 43-101, a preliminary economic assessment is a detailed technical analysis of a mineral project’s economics required under Canadian law.

All 15 rare earth elements are present at Bokan and total annual production is projected to be 2,250 tons, but dysprosium, terbium and yttrium, “are our headline products,” MacDonald said.

In the oxide form the mine will produce, the three are currently selling, respectively for $700, $1,230 and $38 per kilogram, according to Ucore’s online REE posting.

Projected annual production includes 95 tons of dysprosium oxide, 14 tons of terbium oxide and 515 tons of yttrium oxide. All are critical to electronics manufacturing in defense, automotive, aerospace and other high-tech applications.

Cutting-edge refining technology including magnetic separators and solid phase extraction, or SPE, that is undergoing final testing this year will send 75 percent of the 1,500 tons per day of raw ore production back underground. So-called nuisance materials, including thorium, uranium and iron, will be converted to a concrete paste to backfill empty mine shafts.

Ucore plans to use a nitric acid leach in the SPE process because 75 percent of the acid can be recycled, unlike more commonly used sulfuric acid, MacDonald said.

As extraction operations open subsurface space, surface tailings will steadily disappear. The mine could be the first in the world to leave no surface tailings facility after closure, MacDonald suggested.

To finance the project, Ucore’s “aspiration, and we think it’s a realistic one,” MacDonald said, is to avoid the need for equity financing by completing agreements with “off-take partners.”

“The potential formula is whatever percentage of critical REEs the partner signs for, they will be asked to participate at a commensurate level in terms of financing the mine,” MacDonald explained.

Last fall, Ucore signed an information sharing agreement with the U.S. Defense Logistical Agency in the Department of Defense, which is expected to become an off-take partner. The information agreement means DOD “will be getting access to information before it becomes public,” MacDonald said.

Dysprosium is a critical material for production of unmanned drones and other remote-control weapons systems.

Hybrid and electrically powered cars have 40 points under the hood requiring REEs, and MacDonald said major U.S. automakers are likely to become off-take partners.

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Texas Rare Earth Resources Engages Representative to Explore Strategic Alternatives in Asia

Details: Category: Rare Earth News; Published on Friday, 25 January 2013 11:10; Hits: 2591

SIERRA BLANCA, TX - Jan 24, 2013 - Texas Rare Earth Resources Corp. ("Texas Rare Earth"), a heavy rare earths exploration company, today announced that the Company has engaged a representative to assist in locating possible strategic alternatives for its Round Top project, to include its beryllium deposit, from entities in Asia. The hiring of the representative is in response to a preliminary indication of potential interest from a multi-billion dollar resource firm located in Asia.

Dan Gorski, Chief Executive Officer, stated, "Given the interest level in our unique Round Top project, the Board felt it necessary to engage a representative to further explore potential interest from Asia. Demand for heavy rare earth elements is expected to continue to outstrip supply in the years to come. Given that the vast majority of such elements are used in the Asian regions, it is logical that interest from the region could be quite robust."

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Procuring Rare Earth: Supply, Demand, Pricing, and Top Ten Companies

Details: Category: Rare Earth News; Published on Friday, 25 January 2013 10:29; Hits: 2553

FARMINGTON, Conn., Jan. 24, 2013 -- The first rare earths were discovered in the late 1700s, although commercial applications for these materials remained limited until the 1960s. Once the United States was the world's leading supplier but the mine was closed for environmental reasons. The Chinese then became dominant in production.

During the past twenty years there has been an explosion in demand for many items that require rare earth metals. Rare earth metals and alloys that contain them are used in many devices that people use every day such as: computer memory, DVD's, rechargeable batteries, cell phones, car catalytic converters, magnets, fluorescent lighting and much more. Other substances can be substituted for rare earth elements in their most important uses; however, these substitutes are usually much less effective and have a higher cost.

Global Information (GII) recommends four market research reports that evaluate mining projects worldwide, current and future availability of rare earths, and provide the status of companies that may change the availability and pricing of rare earths and rare metals. Executives and organizations can benefit by using these reports to plan procurement strategies, benchmark internal performance, and negotiate rare earth prices.

Rare Earths Elements in High-Tech Industries: Market Analysis and Forecasts Amid China's Trade Embargo

China, the world's largest rare earths producer, cut export quotas for the minerals needed to make hybrid cars and televisions by 72 percent for the second half, raising the possibility of a trade dispute with the U.S. Shipments will be capped at 7,976 metric tons, down from 28,417 tons for the same period a year ago, according to data from the Ministry of Commerce. Manufacturers of a broad spectrum of high-tech products are feeling the impact of price hikes in rare earth element-based processing materials because of the Chinese embargo.

The unique chemical, magnetic, electrical, and optical properties of rare earth elements have led to an ever increasing variety of applications. These uses range from automobile exhaust catalysts to consumer products that include phosphors in color television and flat panel displays (cell phones, portable DVDs, and laptops), to rechargeable batteries for hybrid and electric vehicles, and numerous medical devices. There are important defense applications such as jet fighter engines, missile guidance systems, antimissile defense, and space-based satellites and communication systems. Permanent magnets containing neodymium, are used in hard disk drives and wind turbines.

Top Ten Companies in Rare Earths

This study highlights the details of the top ten rare earth companies and the details of their mines and products as well as technology advancements, executives and present financial situations of these companies. Some acknowledgement is made of how the geopolitical scene plays into the production and utilization of rare earths and the newer combinations of materials that are being investigated.

Companies profiled include: Baota Steel Rare Earth Hi-Tech Co., Ltd., China Rare Earth Holdings Ltd., Solvay Group – Rhoda S.A., Indian Rare Earths Ltds., Molycorp Inc., Lynas Corporation, Mitsui Mining and Smelting, Irtysh Rare Earths Ltd., Gansu Rare Earth Group, and Arafura Resources Ltd.

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NEPA Gives OK to Rare Earth Minerals Application

Details: Category: Rare Earth News; Published on Friday, 25 January 2013 10:56; Hits: 2496

The National Environment and Planning Agency (NEPA) says it is satisfied the necessary due diligence was taken before permission was granted to the Jamaica Bauxite Institute (JBI), for a feasibility study for the proposed extraction of rare earth elements from mining residues or red mud.

Chief Executive Officer of NEPA, Peter Knight, told the Gleaner/Power 106 News Center that his organisation is satisfied that the application made by the JBI addressed all environmental concerns.

While not disclosing details, Knight said conditions have been imposed to ensure the company carrying out the research does not commit any environmental breaches.

Knight said specific instructions have also been given to guide the JBI in how it proceeds.

Last Tuesday mining Minister, Phillip Paulwell announced that the government would be pursuing the pilot project which it hopes will be a lucrative venture for the country.

However, one lobby group, the Jamaica Environment Trust (JET) has expressed concern about the project's location at Hope Gardens.

It has questioned whether sufficient controls have been put in place to prevent any likely negative impact on neighboring commercial and residential communities.

The group says it would also have preferred if the facility was located close to the red mud lakes, to avoid the transportation of red mud across the island.

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Great Western Minerals Reports Rare Earth Resource Surge

Details: Category: Rare Earth News; Published on Thursday, 24 January 2013 14:48; Hits: 2563

A 114% increase in the Indicated resource and a 218% increase in the Inferred resource

Great Western Minerals Group Monday announced an updated National Instrument 43-101 resource estimate and technical report for its Steenkampskraal rare earth property in South Africa, this according to a company news release.

The new resource estimate shows 32,000 metric tonnes of total rare earth oxides plus yttrium oxide (TREO) under the Indicated category and 42,100 metric tonnes of TREO under the Inferred category, each using a 1% TREO cut-off grade. This represents a 114% increase in the Indicated resource and a 218% increase in the Inferred resource from the last estimate in May of 2012.

"The substantial increase in TREO tonnage from this Resource Estimate update significantly improves the economic potential of the Steenkampskraal Monazite Project. The resource update reported today will be incorporated into the Preliminary Economic Assessment that is being prepared concurrently. We expect the Steenkampskraal analysis will be bolstered further with the upcoming addition of a minimum of 55 drill holes for which assay work is currently in progress," said Great Western Minerals President and CEO Marc LeVier.

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