Ucore Rare Metals (TSX VENTURE:UCU)(OTCQX:UURAF) (“Ucore” or the “Company”) is pleased to comment on the US Senate’s action to provide funding and direction to the Department of Defense for the purpose of increasing strategic materials production.
In a report accompanying the National Defense Authorization Act for Fiscal Year 2018, the Senate Armed Services Committee “strongly encourages the Department to make use of existing authorities … to enter into commitments to purchase strategic and critical materials … from domestic producers that the Department believes are likely to initiate commercial production of such materials within the next five years.”
Significantly, the Committee has additionally provided $39.6 million in funding for the Army Research Laboratory for materials technology research, including $10 million directly for development of strategic materials technologies.
Jim McKenzie, President & CEO of Ucore, said:
“The US government continues to showcase an increased awareness of the need to flex its market power to support domestic production of rare earth elements (“REE”) and other critical materials.
Combined with the previous Department of Energy REE project championed by Senators Joe Manchin and Lisa Murkowski, as well as the METALS Act and subsequent NDAA amendment introduced by Representative Duncan Hunter, it’s clear that the US Congress is fully aware of the precarious situation for REE and other strategic and critical materials now faced by the US Department of Defense.”