Critical North American Rare Earths Supply chain Ⅲ：North American Market

In the context of building a critical North American rare earth supply chain, and following a deal to ship more carbonate rare earths to Norway's REEtec, Vital entered into a separate agreement to supply Ucore with some of this midstream rare earth product produced in Saskatchewan.

Atkins said, "This agreement represents a significant and exciting opportunity to enter the downstream rare earth supply chain in North America, and similar to REEtec's position in the European market, Ucore represents the most advanced new rare earth separation company to enter the North American market."

REEtec is a privately owned company that has, since 2008, worked with the development of a new and game changing technology for separation of rare earth. Entry into the rare earths market will be accompanied by the development of the Alaska Strategic Metals Complex or Alaska SMC near Ketchikan.

Like Vital, Ucore believes that time is of the essence in building North American rare earth supplies, especially with the massive new demand for these elements as the world transitions to electric vehicles and renewable energy technologies.

"Once we move to an electric vehicle economy, we have to make sure we have the materials for these manufacturing jobs or we will lose them," Ucore COO Schrider told Mining News.

This sense of urgency is why Ucore has drawn a line in the sand with Alaska 2023, the business plan that sets an aggressive 2023 deadline for the development of Alaska SMC.

The preliminary agreement on the supply of mixed rare earth products for the separation facility is an important step that should help Ucore secure the funding it needs to achieve its goals.

REEtec has developed a completely new and game changing process for manufacturing high quality REEs. Under a non-binding memorandum of understanding announced Oct. 19, Vital will sell at least 500 metric tons of rare earth oxides (excluding cerium) to Ucore by 2024 and will expand its Canadian operations to provide at least 50 percent of Ucore's planned 5,000 metric tons of annual capacity at SMC in Alaska by 2026.

Pat Ryan, Chairman and CEO of Ucore Rare Metals, said, "The partnership with Vital is an integral step in the development of Alaska SMC as Ucore continues to cultivate relationships with potential like-minded upstream and downstream partners in the evolving Western world market; the ultimate goal is to ensure that the transition to OEMs transitioning to an electrified economy continue to have access to a comprehensive North American rare earths supply chain of raw materials and finished products."

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