Ucore Rare Metals (UURAF) Kickstart Phase 2 of $18.4M Rare Earth DoD Program

Ucore Rare Metals Inc. (OTCMKTS:UURAF) is one of the best rare earth stocks to buy now. On July 14, the company confirmed all is set for the construction of a first commercial scale RapidSX machine at the proposed rare earth refining facility in Louisiana.

The construction is part of an $18.4 million US Department of Defense-funded program that focuses on heavy rare earth elements, including terbium and dysprosium. It follows a $4 million Phase 1 award, whereby the company has already received $3.35 million. The project seeks to establish a US rare earth supply chain while reducing dependence on the Chinese supply.

“With Phase 2 of the Award fully mobilized we are now moving RapidSX™ from Commercial Demonstration scale toward Full Scale Production”, said Mike Schrider, Chief Operating Officer of Ucore. “The DoD’s continued support of our project and the rare earth sector at large will accelerate this process and help secure a North American rare earth supply chain.”

Because HREEs are essential to cutting-edge military technologies, they are critical to US national security. Rare earth minerals are used in critical components, such as those found in F-35 jet engines, radar systems, and precision-guided missiles.

Ucore Rare Metals Inc. (OTCMKTS:UURAF) is a company focused on developing and commercializing technologies for the extraction, separation, and beneficiation of rare earth elements (REEs). It seeks to establish a secure, independent, and domestic REE supply chain, disrupting China’s current dominance in the market.

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Disclosure: None. This article is originally published at Insider Monkey.